LPA for Finances
A property and financial affairs Lasting Power of Attorney (LPA) allows you as part of your esate planning to choose one or more people to make decisions on your behalf regarding your property and financial affairs.
Your attorney may be allowed manage your affairs as a matter of convenience rather than necessity – the LPA may allow for the attorney to act on your behalf even though you still have you full mental capacity. For example, it may be easier for you to give someone the power to carry out tasks such as paying your bills or collecting your benefits or other income, or conduct your financial affairs while out of the country.
The Property and Affairs lasting power of attorney is specifically designed for and limited to matter of a financial nature such as managing bank accounts, paying utility bills and investment decisions. The power of attorney, like the last will and testament while the principal, the person who is grangting the powers must be of sound mind while the decision is made even though the document might not be registered for several years because the conditions for trigering the powers have arisen ususally because the donor is still capable of managing his own affairs.
LPA Guidance & Advice
You can prescribe the limits of the actions the attorney may take on your behalf. This type of LPA does not allow the person(s) you have chosen (your Attorney) to make decisions about your personal welfare. If you want someone to be able to make health and welfare decisions on your behalf you will need to make a health and welfare LPA. We would advise you on how to safeguard your and your familys interests in appointing the attorney and granting the powers.