Property & Financial Affairs Lasting Power of Attorney

What is a Property & Financial Affairs LPA?

A property and financial affairs LPA allows you to nominate someone to make decisions on your behalf that relate to your property or financial investments. To make decisions, the individual must not have mental capacity, unless is otherwise declared in their lasting power of attorney or if the individual gives you permission.

Who can be a Property & Financial Affairs attorney?

To be appointed as a property and financial affairs attorney, the individual must be over 18 and is usually a close friend or family member. There are only some circumstances when an attorney is no longer able to act for you, such as if they lose mental capacity themselves or if they decide they do not want to act for you.

What decisions can an attorney make?

A property and financial affairs attorney can make decisions on:

• Money, tax and bills
• Bank and building society accounts
• Property and investments
• Pensions and benefits

The attorney must keep the individual’s money separate from their own and is able to spend money on gifts to family members, if they have normally given them in the past, and donations to charities they support, unless the LPA states otherwise. For any other type of gift or donation, the attorney must apply to the Court of Protection for a one-off decision, including school and university fees and interest-free loans.

When can a Property & Financial Affairs LPA be used?

A property and financial affairs LPA can only be used once it’s been registered with the Office of the Public Guardian and depending on the options chosen can sometimes be used immediately even if you still have mental capacity. You or attorneys can apply to register the property and financial affairs LPA (if the attorneys apply to register it, the donor will be notified and can object if they want to) or we can register in on your behalf with your consent.

You have to pay a fee to register each LPA application unless you receive certain state benefits. If you are on a low income (below £12,000) you only pay half the fee. If you think you may be entitled to a fee reduction or waiver you’ll need to complete the necessary forms which we can arrange on your behalf.

How much is a Property & Financial Affairs LPA?