Propert & Finance LPA

Managing Your Finances When You Need Support

A Property and Financial Affairs Lasting Power of Attorney (LPA) allows someone you trust to manage your financial affairs if you are unable to do so yourself.

This is one of the most practical forms of protection available, ensuring that everyday financial matters can continue to be handled without disruption if illness, accident, or loss of mental capacity occurs.

It is commonly used as part of wider estate planning alongside a Will and Health and Welfare LPA.

What Can Your Attorney Do?

If a Property and Financial Affairs LPA is in place, your chosen attorney may be responsible for managing your financial life in a number of important ways.

This can include operating bank and savings accounts, paying regular household bills, and managing ongoing financial commitments such as utilities, mortgages, or insurance.

They may also deal with pensions, investments, and other financial assets where required.

In some cases, they may also be authorised to buy or sell property on your behalf if it is in your best interests.

All decisions must be made in your best interests and in accordance with the legal safeguards built into the LPA system.

When Can It Be Used?

A Property and Financial Affairs LPA is more flexible than a Health and Welfare LPA.

It can be used while you still have mental capacity, but only with your permission.

It can also continue to operate if you lose mental capacity in the future, ensuring there is no interruption in the management of your financial affairs.

This flexibility is one of the reasons it is widely used for long-term planning, particularly where ongoing financial management is required.

Why It Is Important

Without a Property and Financial Affairs LPA in place, your family may not be able to access or manage your financial accounts if you lose capacity.

In those circumstances, they may need to apply to the Court of Protection to gain authority, which can take time and create unnecessary stress during an already difficult period.

Having an LPA in place ensures that someone you trust can step in immediately to manage your finances and maintain stability.

How It Fits Into Your Estate Planning

A Property and Financial Affairs LPA protects your financial life during your lifetime.

Your Will then ensures that your estate is distributed according to your wishes after death.

These documents work together as part of a complete estate plan, ensuring continuity at every stage.

Related Information

To understand how LPAs are created and registered: 👉LPAs in Tavistock

To understand the full picture: 👉 What is a Lasting Power of Attorney