Property and Finance Lasting Power of Attorney
The Property and financial Affairs Lasting Power of Attorney lets you choose one or more people to make property and financial affairs decisions for you. This could include:
- Buying and/or selling property
- Dealing with banks or other financial institutes
- Claiming, receiving and using benefits on your behalf
- Dealing with your taxes
- Receiving income or inheritance for you
- Renovating or repairing your property, if it is required
- Managing your bank accounts
- Managing your investments
- Paying your household bills
- Paying your nursing or residential care home fees
- Collecting your income (including pensions, state benefits and employment income)
- Purchasing any necessary equipment or personal items that you may need
- The ability to make small gifts on your behalf (for occasions such as a relative's birthday, weddings or for religious holidays
Obtaining a property and affairs LPA is important because at any time any one of us could become either mentally or physically incapable of looking after our financial affairs. If this were to happen, it could make the everyday management of our financial affairs very difficult. You might imagine that loved ones would be able to deal with all of your finances on your behalf, but this is not usually the case.