My elderly parents still have mental capacity but feel overwhelmed when dealing with their finances.
Unlike a Health & Welfare Lasting Power of Attorney (LPA) a Property & Finance LPA can be registered for use while the donor (the person to whom the LPA relates) still has mental capacity, if this is the wish of the donor.
For example, it may be that the donor is going into hospital for a planned operation, they are going on a long trip abroad or maybe they have simply got to a stage where they feel overwhelmed by having to deal with their finances on a day to day basis and would like someone they trust to manage their finances on their behalf.
Whatever the reason, putting a properly drawn up and registered Property & Finance LPA in place allows the donor’s chosen attorneys to either assist them with, or completely manage, their finances. This could include paying bills, managing investments, making donations to charity, putting money aside into a savings account or managing their pension.
In the future, if the donor did go on to lose mental capacity, the attorney could simply continue to manage their finances under the powers granted to them by the registered LPA.
If you are concerned about managing your finances, or know someone who is, please don’t hesitate to get in touch to discuss how we can help you put a Property & Finance LPA in place.
We really hope you have enjoyed this week’s articles about the Property & Finance Lasting Power of Attorney. If you have any questions that we have not answered, please do not hesitate to contact us and we’d be happy to have a chat with you!
Next week we will be answering questions about the Health & Welfare Lasting Power of Attorney. We hope you find the articles useful!