In this post we are going to be talking about lasting power of attorney for property and financial affairs, what it is and what you do with it when you’ve got one. A lasting power of attorney for property and financial affairs kind of does what it says on the tin. It allows somebody else, at your appointment, to make decisions about your financial affairs and make decisions about your property for you. It means that they can pay your bills, it means that they can insure your property.
It also means they can run your bank accounts, any investments you may have, and it means that ultimately if a property was needed to be sold, they could sell your property on your behalf. Now they sound like scary powers, but they can only be used when you can’t make decisions for yourself. Essentially, it’s an insurance policy against having to go to the court to make decisions on your behalf. When you make your lasting power of attorney for property and financial affairs, you could appoint one or more attorneys and they have to ask you to act in your best interests at all times. If they don’t, then there are criminal sanctions. Once your lasting power of attorney is in place, it needs to be lodged with your bank or any financial institution that you have assets with, so that they know who is authorised to make decisions on your behalf.
