Powers of Attorney Property and Financial Affairs
A time may come when you need or wish to rely on others to look after your affairs for you. This may be because you become mentally incapable of looking after your own affairs, because you find it physically difficult to do so, because you feel you need some assistance in some matters, or because you are concerned about future unexpected events. There are a number of ways of dealing with these issues. The key, as with so many things, is to plan ahead.
Lasting Powers Of Attorney
A “Lasting Power of Attorney” (“LPA”) is a document by which you appoint another person or persons to act on your behalf. There are two types of LPA which can be made, each dealing with different types of decisions. As the person granting the power, you can determine the extent of your attorney’s powers by including restrictions, conditions or guidance.
This leaflet deals with Property and Financial Affairs LPAs. Please see our separate leaflet for information on Health and Welfare LPAs.
Property & Financial Affairs LPA
A Property and Financial Affairs LPA can be used, whether or not you have lost your mental capacity, to enable your attorney or attorneys to deal with matters such as:
• Operating a Bank Account
• Dealing with Tax affairs
• Claiming benefits and pensions
• Buying and selling property and investments.
Scope of Attorney Powers, Restrictions, Conditions
& Guidance
When planning your LPA you can decide who to appoint as attorneys and how they act. If you appoint more than one attorney, you can specify that they are appointed always to act together, to act together or independently as they see fit or, alternatively, together for some matters and independently for others.
The choices are many and we can provide advice to suit your own needs. You can also decide on the scope of the LPA by imposing restrictions and conditions upon your attorneys which are legally binding, or include words of general guidance to your attorneys. We can discuss all your concerns to determine the best choice for you.
Certification & Registration
When planning your LPA, you need to choose someone who will act as a ‘Certificate Provider’ who will be able to sign a certificate on the document to confirm youunderstand the significance and purpose of the LPA. Stones are usually able to act as the Certificate Provider. An LPA cannot be used until it has been registered with the Office of the Public Guardian (“OPG”) and the appropriate fee paid.
• Who registers? Either you or your attorney can register the document.
• When should the LPA be registered? It depends on your personal circumstances, Stones can advise you as to the options open to you.
• Does anyone get told about registration? You have the choice as to who you notify, if anyone
• Can I change my mind before or after registration? Yes as long as you have sufficient capacity to do so.
• Do I have to pay the OPG for registration? The standard fee is £120, although if you are on certain types of income related benefits or your income is low, you may be wholly or partially exempt from registration fees.
General Powers of Attorney
A General Power of Attorney (“GPA”) is a document by which you appoint another person or persons to act on your behalf in a similar way to a Property and Affairs LPA. However, a GPA ceases to be effective if you lose your mental capacity. Its uses include:-
• Interim measures while an LPA is being registered
• A first step before committing to preparing anLPA
• Useful for gap years, extended vacations and members of the armed forces.
Case Study
Mrs C contacted us because her mother, Mrs F, was becoming forgetful and was becoming increasingly reliant on her daughter.
This was causing problems for Mrs C with financial institutions because she had no formal authority to act and they were refusing to talk to her.
Mrs C had an initial telephone discussion with a team member to set out her concerns. Following this, we were able to visit Mrs F at home in order to determine her wishes, discuss the various options with her, assess her capacity and draw up a Property and Affairs LPA.
Mrs F asked for the LPA to be registered immediately and while the registration process was underway, we were able to draw up a General Power of Attorney to be used until the LPA was registered.
Deputies and The Court of Protection
If you become mentally incapable without having made previous arrangements, it might become necessary for someone to apply to the Court of Protection to be appointed as a Deputy to look after your affairs.
Deputies can be appointed to take decisions on financial matters as authorised by the Court.
There is an initial application fee payable to the Court as well as other ongoing annual fees, which may be payable depending on your situation. The process can be time-consuming, bureaucratic and frustrating. Stones can assist in making both straightforward and contested applications if you find yourself in the position of needing to apply to the Court to be appointed as deputy for one of your loved ones who has become unable to act for themselves.
Advice and assistance from Stones
At Stones we will be pleased to:
• Advise as to the most appropriate solution to give effect to your wishes
• Be available to act as professional attorney if necessary
• Prepare the paperwork and supervise its execution and registration
• Act as certificate provider
• Hold the document in our strong room free of charge until such time as it is needed
• Give whatever advice and assistance is needed by the attorney
Next Steps
Contact Stones to make an initial appointment. We are always happy to discuss matters free of charge and at that stage can provide you with a no obligation quote. In the meantime, you need to consider:
• Who you would wish to act on your behalf
• In what circumstance they may act
• Whether you want to give to your attorney any guidance or impose conditions on their actions.
For more information please contact:
Linacre House, Southernhay Garden, EXETER EX1 1UG
01392 666777
Email: privateclient@stones-solicitors.co.uk
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- Exeter 01392 666777
- Okehampton 01837 650200
- Online Enquiry Form
