Lasting Power of Attorney (Property & Affairs)
At any time period of your life, you can appoint an LPA for your property and financial affairs. Being a donor, you will be authorizing him the complete rights to have any sort of decision for your property and finance related matters. Be it opening or closing a bank account, buying or selling a property, claim your pensions and benefits on behalf of you and to the maximum, he can run your business too.
Before appointing someone as your LPA for property and financial affairs, one need to make sure -
- Registration of LPA with the OPG (Office of Public Guardian)
- Your solicitor can use your LPA only for once.
- Your solicitor can act both before and after you lose your mental capacity
- In case you have two solicitors, then you have to decide, how they are supposed to act ; individually or as one?
- In any case, your solicitor is not allowed to make any inconsistent gift; a gift that is inconsistent with your gifts.
- Also, a solicitor cannot make a will for you.
Restrictions and Condition
For your safe side, you can always add conditions and restrictions for safeguarding you. Restrictions like what sort of gifts your solicitor can make on your behalf. You may also add “obtaining a medical certificate” as a condition before accepting your solicitor's authority of acting on behalf of you.
What are the safeguards available?
- Certificate providers’ approval (an independent person)
- Adding up to five people, who has to be notified as and when an application for an LPA is lodged.
- LPA registration with OPG.
For expert advice – DM Financial Services