Money, Finances and Property
A Lasting Power of Attorney (LPA) for your Wealth and Finances enables you to choose someone who you trust to look after your finances, including your benefits, your banking, any bill queries, buying or selling a property for you, investments and your out-of-pocket expenses for day-to-day living.
So that there is no financial impropriety, the Court of Protection insists that individuals placed in this position of trust have not previously been bankrupt. While you still have the mental capacity to choose who the best person is to deal with your personal finances, think who you would absolutely trust to act in your best interest and who would act with total integrity.
When you might need someone to act for you in relation to your finances:
- Buying or selling your home
- If you need to buy or sell any investments, e.g. shares
- Paying your household bills or care charges, including checking with a company that you are not being overcharged
- Opening, closing and running your bank, building society or savings account
- Claiming, receiving, discussing or using your benefits, including pensions and allowances
You can choose whether the Attorney you have appointed can act for you straight away (once the LPA is registered), or only when you can no longer understand or make decisions. This may depend on your age and circumstances.