There are two types of Lasting Power of Attorney (LPA) that aim to assist you with different aspects of your life should you become incapacitated. One is designed to allow someone to take over control of your assets whilst you are unable to manage them to protect your financial wellbeing, whilst the other considers elements of your health and welfare. Read on to find out more about a Property & Financial Affairs LPA.
Property & Financial Affairs LPA
A Property & Financial Affairs LPA aims to protect your assets under circumstances where you are unable to manage your affairs yourself due to incapacity. You can choose an attorney to look after various aspects of your finances for you and set boundaries regarding how much control they can take. Essentially, this kind of LPA aims to give someone else power to make decisions on your behalf in areas such as:
- Money, tax, and bills
- Bank and building society accounts
- Property and investments
- Pensions and benefits
- Businesses you may have
It is important to remember that under the rules of an LPA, an attorney must act in your best interests, helping to protect you against mismanagement. Your attorney may be able to use your money to carry out their duties, including paying your bills or purchasing the things you will need day to day, including food and self-care products. If you have a Health and Welfare attorney, they may also need to discuss areas of your care together in order to arrange payment of care costs.