Lasting Powers of Attorney for Property and Financial Affairs

 

This deals specifically with appointment of one or more people to manage your financial affairs if you are unable to do so.

 

Lasting Powers of Attorney for Property and Financial Affairs are registered with the Office of the Public Guardian Government department. Therefore, they have the legally binding backing of the Government.

 

Lasting Powers of Attorney for Property and Financial Affairs gives the person you nominate the authority to act on your behalf in the financial matters you stipulate.

 

These can include such things as accessing your bank account, paying bills and paying for your care. There are strict rules preventing your Attorneys from using your assets for anything other than your benefit.

 

If you become temporarily or permanently incapacitated due to illness or senility, your Bank, Gas & Electricity Companies and organisations your loved ones may wish to purchase equipment from (e.g. special beds or chair lifts) to help you come home from hospital may ignore your partner or loved ones wishes unless they have your Lasting Power of Attorney for Property and Financial Affairs.

 

Without a Lasting Power of Attorney for Property and Financial Affairs, your own Bank or Building Society may refuse your partner or your loved ones access to any monies held in your account.

 

They are likely to require the Court to appoint a Deputy who decides how your money is spent.

 

This can be a very distressing, expensive and potentially lengthy process which could involve your home being repossessed or your power supplies being disconnected from your home.