By completing a Lasting Power of Attorney Property and Financial Affairs, if for one reason or another (physical or mental) you cannot deal with your finances and property you will have someone in place to fulfil this role. A Lasting Power of Attorney is a legal document. It allows you to appoint someone you trust to make decisions for you if you cannot make your own decisions or are physically unable. A simple example: go to the bank.
It gives your attorney/s inter alia the following powers but subject to any restrictions you may stipulate
- Paying bills
- Investing money
- Arranging repairs to property
- Paying the mortgage
- Managing your bank accounts
- Buying or selling your home
- Applying for benefits and dealing with tax
A Property and Financial Affairs Lasting Power of Attorney is a bit like an insurance policy – you may never need it but if it is not there someone would have to apply to The Court of Protection to be appointed your Deputy. This is an expensive, time consuming, and often very stressful for the family resulting in orders from the Court and the need to pay an annual bond and file annual accounts. An application for a Deputy costs much more than completing a Lasting Power of Attorney.