Property and Finance Lasting Power of Attorney:
To help those who care for you
……care for you!
Our Guide
Property and Finance Lasting Power of Attorney
A Property and Finance Lasting Power of Attorney is a powerful legal document which enables you (the donor) to appoint an Attorney to make decisions on your Property and Finance should you lose the Mental Capacity to make decisions for yourself through either ill health or an accident.
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The Property and Finance LPA can only be registered with the Court of Protection when the donor losses Mental Capacity. The ability for decisions to be made on the donors behalf by the attorney will either be temporary (if mental capacity returns for example in cases of recoverable coma) or permanently (if Mental Capacity does not return for example in worsening cases of dementia).
Who should I appoint as an Attorney?
Who should be your Attorney is an intensely personal choice and consideration should be given before naming an Attorney. They will need to be over 18, someone who has your best interests at heart, organised and understands the duties that they may have to perform. Above all, they need to be someone you trust to hold your best interests at heart when making the decision.
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It is also advisable to contact anyone that you are considering to be an Attorney so that they understand the role that you are asking them to conduct and also gives you an opportunity to communicate to them what your wishes enabling them to act in your best wishes if the time comes.
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For guidance, most people choose their spouse, their children, or a close family member to act as an Attorney. You are also able to select more than one Attorney and give them powers to act either jointly (with each other’s agreement) or severally (meaning each can make a decision on their own if the other is uncontactable)
What are the duties of an Attorney?
When the LPA has been registered there are certain obligations and guidelines that an Attorney must follow, to comply with the Mental Capacity Act 2005.
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This means that an Attorney must act in the best interests of the donor when making a decision on their Health and Welfare.
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This means that they need to take into consideration the below:
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Communicate and encourage the donor to be a part of the decision as much as possible,
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Consider the donor’s past and present feelings and circumstances.
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Consider information that the donor’s close relatives or friends can provide which may suggest what may be in the donor’s best interest.
In addition, Attorneys have a duty of care to both the donor and for their instructions, meaning that the donor is at the heart of every decision made.
What is meant by losing mental capacity?
Mental Capacity is defined by the Mental Capacity Act 2005 which sets out that a person that who does not have mental capacity cannot do one or more of the following four things:
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Understand the information given to them to make a decision.
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Retain that information long enough to be able to make the decision.
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Consider the information available in order to make the decision.
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To communicate that decision.
There may be instances that an individual losses mental capacity temporarily. For example, in cases of stroke victims, coma’s and those individuals that have metal health illnesses who have recovered.
After registration
Once the LPA has been registered with the Court of Protection the Attorney will be able to make decisions on behalf of the donor on matters such as:
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Money, tax and bills,
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Bank and building society accounts,
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Property and investments,
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Pensions and benefits
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Make day to day decisions on the donor’s needs such as food and maintenance of property.
They also have a duty to communicate any financial decisions which may affect the donor’s living arrangements, medical care or daily routine with their health and welfare Attorney if one has been selected.