Berlad Graham

Lasting Power of Attorney for Property and Financial Affairs

Legal Services near you

Talk to us today.

Fill out the form and we’ll be in touch.

Property & Financial Affairs LPA

Protecting your property and finances

A Lasting Power of Attorney (LPA) for Property and Financial Affairs allows you (the donor) to legally appoint someone you trust (an attorney) to step into your shoes and fully manage your financial affairs. Your attorney can assist with everything from paying bills and managing your bank accounts to collecting benefits, paying into or drawing on a pension, or selling, purchasing or letting real property, such as your home. You can choose more than one attorney if you want to.

At Berlad Graham LLP, our private client team can guide you through the entire process of setting up a Property & Financial Affairs LPA, ensure you fully understand what is being included, and assist you with registering your LPA with the Office of the Public Guardian (OPG).

For specialist advice on setting up an LPA for Property & Financial Affairs, please get in touch with our friendly team to discuss the next steps. Please call 0330 175 5655 or email info@bglaw.co.uk.

What can you include in a Property & Financial Affairs LPA?

A Property & Financial Affairs LPA gives your attorney broad powers to manage your financial matters, including (but not limited to) managing your bank accounts, paying bills, collecting benefits, paying into or drawing on a pension, or selling or purchasing property, such as your home. This type of LPA can also give an attorney the authority to manage any business you own or have an interest in.

With this form of LPA, you can include restrictions on what your attorney can and cannot do, as well as giving guidance on how you like your affairs managed, thereby retaining control over the level of authority your attorney has.

Talk to us today.

Fill out the form and we’ll be in touch.

When does a Property & Financial Affairs LPA take effect?

Unlike a Health and Welfare LPA, which will only come into effect when someone loses mental capacity, a Property and Financial Affairs LPA can be used as soon as it is registered with the OPG, even if you still have full mental capacity. This flexibility means you can:

Use it immediately. For example, if you need help managing your finances or business interests now, your attorney can act as soon as the LPA is registered. This can be useful if, for example, you know you will be out of the country or need assistance temporarily due to an illness or hospital stay.

Keep it for the future. You can choose to only allow your attorney to only act if you lose mental capacity or in specific circumstances.

Due to the authority this document grants, Property & Financial Affairs LPAs must be drawn up very carefully by an experienced legal professional who understands this complex area of law. Our LPA Solicitors can help you decide on the right approach for your circumstances and draft appropriate restrictions and conditions.

Why should I set up a Property & Financial Affairs LPA?

Many people wrongly assume that their spouse or closest next of kin can simply take over their financial affairs if needed. Unfortunately, this is just a myth.

If you lose capacity without an LPA in place, even if you are married or in a civil partnership, your loved ones might have to apply to the Court of Protection to be appointed as a ‘deputy’ for your financial affairs and/or your health & welfare decisions. This can prove stressful, time-consuming and costly. Moreover, there is no guarantee that the individual appointed will be the person you would have chosen.

Without a Property & Financial Affairs LPA:

Family members will not be allowed to access or manage bank accounts or other financial institutions.
Your spouse, civil partner or long-term partner will not automatically be able to manage your finances, even for joint accounts, in some situations.
No one will be able to manage or sell property and other assets on your behalf.
Bills and other financial commitments may go unpaid, leading to potential debt problems.

Setting up a Property & Financial Affairs LPA avoids these problems by giving someone you trust legal authority to manage your property and finances when you need them to.

Please read Who Needs an LPA? for more information.

Hear from our clients

We're proud to have supported individuals, families and businesses through some of life's most important legal matters. Read what our clients have to say about their experience, the service they received and the results we helped them achieve.

More testimonials

Who should I appoint as my attorney?

Choosing the right attorney for your Property & Financial Affairs LPA is a crucial decision. Whoever you appoint as your attorney will have significant control over your money and assets, so ultimately, they should be someone you trust. You should also consider the responsibility they will have, so ideally, your attorney needs to be:

Financially capable, responsible, and trustworthy.
Organised and capable of keeping records and managing paperwork
Available and able to dedicate the time required to managing your affairs when needed.
Respectful of your wishes and be able to act in accordance with them.

Familiar with your financial situation.

Most people choose their spouse, a family member, or a close friend. However, you can appoint a professional, such as an accountant or solicitor, as your attorney.

You can appoint a single attorney or several attorneys. If you appoint more than one attorney, you must specify whether they should act jointly or jointly and severally or jointly with regard to some decisions and jointly and severally with regard to others.

If you decide you want them to act jointly, this means all attorneys must act together on every decision and must agree with any proposed actions for it to happen.
Attorneys who are appointed jointly and severally can make decisions on their own or with other attorneys.
If you decide to appoint jointly with regard to some decisions and jointly and severally with regard to others then you must specify which decisions must be made jointly and which are to be made jointly and severally.

We understand there is a lot to consider when setting up a Property & Finances LPA, including who to appoint as your attorney(s). Our highly skilled specialists at Berlad Graham LLP will make the process easier to understand, guiding you through each step of the legal process involved. We will explain the implications of these options and help you choose the most appropriate arrangement.

Solicitors for Property & Financial Affairs LPA

Our Lasting Power of Attorney solicitors can assess what information is required, consider your circumstances, and ensure the Lasting Power of Attorney for Property & Financial Affairs is fully comprehensive so that your wishes are effectively carried out.

Berlad Graham LLP has multiple accreditations, ensuring the highest standards are delivered to our clients. Our reputation, compliance and risk culture are extremely important to us, as it ensures that we provide a transparent, trustworthy and high-quality service.

We can also provide specialist advice regarding the following:

Lasting Power of Attorney for Health & Welfare
Court of Protection and Deputyship applications.
Protecting vulnerable clients.
Lasting Power of Attorney and Deputyship Disputes.
Wills and Estate Planning.
Estate Administration.
Wills and Probate Disputes.

We are here to support you. For specialist advice on setting up an LPA for Property & Financial Affairs, get in touch with our friendly team to discuss the next steps. Please call 0330 175 5655 or email info@bglaw.co.uk.

Our Team

Raanan Berlad

Managing Partner

Liora Torn-Hibler

Head of Private Client

Hannah Price

Partner

Daniel Brown

Trainee Solicitor

Wills

Estate Planning

Lasting Powers of Attorney

Court of Protection & Deputyship

Contentious Probate

Wills and Inheritance Quality Accreditation

Berlad Graham LLP is proud to hold the Wills and Inheritance Quality Scheme (WIQS) accreditation as awarded by The Law Society. This accreditation demonstrates that:

We have the expertise to deliver Wills and inheritance advice.
We use standardised processes to recognise and reduce risks.
We educate clients about what to expect when buying Wills and inheritance advice.