Setting Up A Property And Financial Lasting Power of Attorney

At Blackstone Solicitors, we understand that planning for the future is essential, particularly when it comes to managing your financial affairs. One of the most important legal tools you can use to safeguard your financial interests is a Property and Financial Lasting Power of Attorney (LPA). This document ensures that someone you trust can manage your finances and property if you are unable to do so yourself due to illness, injury, or declining mental capacity.

Contact us today and we can talk you through our services and how we can help you and your family. Simply call us on 0345 901 0445 or complete our online enquiry form and a member of the team will give you a call back as soon as possible.

At Blackstone, we always aim to provide the best service possible. Meticulous in our approach, we will make sure everything is dealt with as you wish and will keep you updated throughout the legal process, ensuring that you always know of any developments.

“I received very good service and advice, given to me on a week by week basis. I would strongly recommend Blackstone.”

– Paul

Our Services

We can provide help with a wide range of matters relating to Succession Planning, including:

We have partners we work closely with that can advise upon:

Tax Planning including advising on capital gains tax and income tax for individuals, businesses, landed estates, professionals, entrepreneurs and advice on matters including business relief, exemptions and retirement planning.

What Is a Property and Financial Lasting Power of Attorney?

A Property and Financial Power of Attorney is a legal document that allows you (the “donor”) to appoint one or more individuals (the “attorneys”) to make decisions regarding your financial affairs and property. Unlike a Health and Welfare LPA, which only comes into effect if you lose mental capacity, a Property and Financial LPA can be used as soon as it is registered, if you so choose, or it can be set to activate only when you are no longer able to make decisions yourself.

The decisions your attorney(s) can make under a Property and Financial LPA include:

Managing Bank Accounts: Your attorney can operate your bank and building society accounts, including paying bills, transferring money, and managing savings and investments.
Paying Bills and Debts: Your attorney can ensure that your bills, including utilities, mortgages, and loans, are paid on time, and can also deal with any outstanding debts.
Collecting Benefits and Pensions: Your attorney can collect your pension, benefits, and other forms of income on your behalf.
Buying and Selling Property: Your attorney can buy or sell property in your name, manage rental properties, and deal with any related legal and financial matters.
Handling Tax Affairs: Your attorney can liaise with HM Revenue and Customs (HMRC) on your behalf, including filing tax returns and managing tax liabilities.
Managing Investments: Your attorney can make decisions about your investments, including buying or selling shares, bonds, and other financial products.

Why Is a Property and Financial LPA Important?

A Property and Financial LPA is essential for several reasons:

Safeguarding Your Financial Interests

If you lose the ability to manage your finances due to an accident, illness, or declining mental capacity, a Property and Financial LPA ensures that your financial affairs will continue to be managed according to your wishes. Without an LPA in place, your loved ones may need to apply to the Court of Protection to gain the authority to manage your finances, which can be a lengthy and costly process.

Preventing Financial Mismanagement

By appointing a trusted attorney, you can protect yourself from potential financial mismanagement or exploitation. Your attorney is legally obligated to act in your best interests, ensuring that your finances are managed responsibly and ethically.

Flexibility and Control

A Property and Financial LPA gives you flexibility and control over how your finances are managed. You can choose to give your attorney(s) the authority to act immediately or only if you lose mental capacity. You can also provide specific instructions or restrictions in the LPA, ensuring that your attorney(s) manage your finances in a way that aligns with your preferences.

Peace of Mind

Having a Property and Financial LPA in place provides peace of mind, knowing that your financial affairs will be handled by someone you trust, regardless of what the future holds. This can alleviate stress for both you and your loved ones, knowing that your financial wellbeing is protected.

How to Set Up a Property and Financial LPA

Setting up a Property and Financial LPA involves several steps, and it is advisable to seek professional legal advice to ensure the process is completed correctly and that your document reflects your wishes.

Choosing Your Attorney(s)

The first step in setting up a Property and Financial LPA is choosing one or more attorneys. Your attorney(s) should be individuals you trust to make sound financial decisions on your behalf, such as a close family member, friend, or a professional adviser. You can appoint multiple attorneys and decide whether they must act together (jointly) or independently (jointly and severally).

It is also wise to appoint a replacement attorney who can step in if your original attorney is unable or unwilling to act.

Completing the LPA Form

To create a Property and Financial LPA, you must complete the appropriate form provided by the Office of the Public Guardian (OPG). This form requires you to provide details about your chosen attorney(s), your preferences, and any specific instructions or restrictions you wish to include.

The form must be signed by you, your attorney(s), and a certificate provider—an independent person who confirms that you understand the LPA and are not under any pressure to create it. The certificate provider can be a solicitor, a doctor, or someone who has known you for at least two years.

Registering the LPA

Once the form is completed, the LPA must be registered with the Office of the Public Guardian before it can be used. The registration process typically takes 8 to 10 weeks, and there is a registration fee to be paid. It is important to register the LPA as soon as it is completed, rather than waiting until it is needed, to avoid delays in the future.

Storing the LPA Safely

After the LPA is registered, it is essential to store the original document safely and inform your attorney(s) and any other relevant parties where it is kept. You may also wish to provide your attorney(s) with a certified copy of the LPA for their records.

What Happens If You Don’t Have a Property and Financial LPA?

If you do not have a Property and Financial LPA in place and lose the capacity to manage your finances, your loved ones may need to apply to the Court of Protection to be appointed as your deputy. This process can be time-consuming, expensive, and stressful for your family. Additionally, the court may appoint someone to manage your finances who may not be the person you would have chosen.

Our Approach

We are 100% committed to ensuring each and every one of our clients receives the highest quality service and we will go the extra mile to ensure that you are happy with the results gained. We understand it can be particularly difficult to deal with matters relating to death and inheritance, and this is why our friendly and approachable team always take a sympathetic and understanding approach, ensuring that you receive the support you need.

We believe communication is of the utmost importance. We will therefore keep you updated as things develop and our solicitors will provide practical, straightforward legal advice so that you can be confident everything is progressing as you would like.

Get in Touch

Contact us today to discuss any matter relating to Succession Planning. We can talk about your situation in depth and get to the bottom of what you need and how we can help. We are here to answer any questions which you have, and we aim to make everything as simple for you as possible.

Our team is approachable, professional and vastly experienced. We will do everything in our power to help you get the outcome you need. Call us on 0345 901 0445 or, if you would prefer us to contact you, leave your details via our online enquiry form.

We offer our services to clients in Manchester, Chester, Cheshire and throughout the rest of the UK. We also have an office in London.