At any time in your life, you can appoint an LPA for your property and financial affairs. As the donor, you will be authorizing him to have complete rights to make any decision regarding your property and financial matters. Be it opening or closing a bank account, buying or selling a property, claiming your pensions and benefits on your behalf, and, at most, he can run your business too.

Before appointing someone as your LPA for property and financial affairs, one needs to make sure -

• Registration of LPA with the OPG (Office of Public Guardian)
• Your solicitor can use your LPA only 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 own safety, you can always add conditions and restrictions to safeguard you. Restrictions include 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 to act on your behalf.

What are the safeguards available?

• Certificate provider’s approval (an independent person)
• Adding up to five people who have to be notified as and when an application for an LPA is lodged.
• LPA registration with OPG.

For expert advice – DM Financial Services