Lasting Powers of Attorney for Property and Financial Affairs (PFA LPAs) are documents which allow Attorneys to manage a Donor’s financial affairs when they lose capacity. Financial affairs means things like writing cheques, paying bills, doing online banking and also dealing with property. The Attorneys are only allowed to act in the best interests of the Donor and to use the funds for the Donor’s benefit.
We recommend Lasting Powers of Attorney for all of our clients, as even younger clients may lose capacity due to an accident or illness. For more elderly clients, however, there is also the risk of dementia and Alzheimer’s, and so it is even more vital to have these in place. If Lasting Powers of Attorney aren’t put in place then relatives can have real difficulties paying for care, paying bills and even simple things like buying groceries for the Donor.
Most clients will pick their partner/spouse as their first Attorney and then their children as Replacement Attorneys (Replacement Attorneys act if the main Attorney is unable/unwilling to act, eg. as they have passed away or lost Mental Capacity themselves). Our consultants are able to act as Certificate Providers and to verify that the client has mental capacity at the time of signing, which is important to prevent any challenge of the LPA at a later date.
We are also able to act as Professional Attorneys for clients who do not have anybody they trust to act (eg. their spouse may have passed away before them and they may have no surviving children).