What a Finance and Property Lasting Power of Attorney Means

Grandchildren need not miss out on Christmas and birthday presents if you are incapacitated through illness or injury or old age.

Following our article on Lasting Powers of Attorney (LPA) covering Health and Welfare, we now turn to the second type which concerns Finance and Property.

The same rules apply about acting in the donor’s best interest once mental capacity has been lost. This LPA deals with money matters – such as bank and building society accounts, investments, benefits, pensions, household bills, care costs – and buying or selling property. Although unable to benefit personally, the attorney, who may be prosecuted for misusing the money, can send gifts as long as it’s the sort of thing the donor would normally have done.

The attorney needs to locate all financial paperwork, keep detailed accounts and consider whether the donor can be helped to make all or part of any decision.

Property can be sold but the Office of the Public Guardian must be contacted if the price is below market value or if the attorney wants to buy it or give it to someone else.

If you have any questions or require any further assistance, please call Heritage Will Writing on 02380 879243.