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A Property and Financial Affairs Lasting Power of Attorney (P&F LPA) is a legal document that lets you appoint one or more Attorneys to manage your finances if you lose mental capacity. It covers your money, property, and other financial matters, ensuring your affairs continue to be handled properly.
P&F LPAs were introduced under the Mental Capacity Act 2005 in 2007, replacing the older Enduring Power of Attorney (EPA). They are suitable for anyone who wants to plan ahead for financial management, whether for themselves or for elderly or vulnerable relatives.
Your Attorneys can act on your behalf to:
Pay bills, taxes, and other expenses
Manage bank and savings accounts, investments, and pensions
Sell or buy property, or manage rental income
Liaise with utility providers, mortgage lenders, and financial institutions
Unlike H&W LPAs, a P&F LPA can be used immediately if you wish, even while you still have mental capacity, although many people choose to restrict its use until incapacity occurs. Attorneys must always act in your best interests, keep records, and avoid conflicts of interest.
Without a P&F LPA, family members may need to apply to the Court of Protection for a Deputyship Order, which is costly, time-consuming, and can delay access to funds.
A well-prepared P&F LPA can prevent financial mismanagement, protect your assets, and give your loved ones clear legal authority to handle your finances. It is a key part of future-proofing your estate and ensuring your financial matters are handled responsibly.
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