Lasting Power of Attorney for Finances
There are two types of Lasting Power of Attorney one for Health and one for Finances. A financial Power of Attorney authorises someone to act on your behalf in financial matters. This includes paying Bills, putting money in or taking it out of an account, managing investments or benefits. A Lasting Power of Attorney for Health and Welfare is much more intimate. It allows your attorneys to make decisions regarding your health care. They can decide what medical treatment you have and will make decisions regarding your treatment when doctors require a decision.
How Does a Lasting Power of Attorney for Finances Work?
A Lasting Power of Attorney for financial matters works by giving your attorneys authority to act for you in matters of finance. They will be able to take the Lasting Power of Attorney into an institution such as a bank, benefits office etc. and act on your behalf. They will be able to: –
- withdraw money from your account to pay or items for you, such as your food shopping etc.
- Manage and pay your bills
- Manage the buying and selling of property and investments on your behalf
- Manage your pensions and benefits
You can restrict the tasks they have permission to undertake if you choose to. For example, you can give permission to your attorneys to manage your bank accounts and bills but not buy and sell property on your behalf.
If you do not have a Lasting Power of Attorney those who try to help you when you lose capacity will find it very difficult to manage your financial affairs effectively. They will not have the legal authority to do so. These powers and authority are not automatically transferred, contrary to popular belief.
Please speak to Louise Bunn at Gordon Dean Solicitors on 01603 767671 or email her at louise@gordondeansolicitors.co.uk if you would like to know more about this complex area of law.