What Is A Lasting Power Of Attorney For Property & Financial Affairs?
This document is a legal binding document which you put in place nominating certain people to act on your behalf should the need arise.
The document may have certain restrictions and/or guidance but usually you as the “donor” give your “attorneys” power to help you make decisions about:
- Money, bills and/or tax
- Banking and building society accounts
- Property and/or investments
- pensions and benefits
Any available funds within the above can be used to help look after the donor. An attorney can access these funds on behalf of the donor.
When can it be used?
This document must be registered with the Office of The Public Guardian before it can be used. But, this does not need to be completed by the donor at the time of making the document, this can be something attorneys complete at a later date.
What do I need to do as an Attorney?
You must keep the donor’s finances separate. To have access to any funds you must give either the original documents or a “certified copy” of the original registered lasting power of attorney to the bank/building society.
You will then need to give your own ID in the usual manner, i.e one photographic and one for your address (usually a utility bill).
Unless the LPA states otherwise, you can spend money on:
- normal gifts (such as birthdays or anniversaries)
- donations to charity. i.e if they regularly supported a charity you can continue with these.
For any other donation or payment which is not strictly for the benefit of the donor i.e school fees of a relative of theirs or allowing someone to live in the property with them, you MUST make an application to the Court of Protection who will make a ruling on the question you have.
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