Lasting Power of Attorney Property & Financial Affairs
Helping you appoint trusted people to manage finances and property if circumstances change.
Keeping your finances moving if circumstances change.
If illness or an accident leaves you unable to manage your finances, everyday financial decisions still need to be made. Bills must be paid, investments managed and property decisions handled without delay.
Without a property and financial affairs lasting power of attorney, even close family members cannot automatically access your bank accounts or manage your assets. In many cases they must apply to the Court of Protection for deputyship, a process that can take months and create unnecessary cost and restriction.
A property and financial affairs LPA allows you to appoint someone you trust to manage your finances if you lose mental capacity. It ensures your bank accounts, investments and property can continue to be managed smoothly.
We specialise in putting these arrangements in place, from simple fixed fee LPAs to more tailored arrangements, ensuring your finances remain protected and your chosen attorneys have the authority they need to act.
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What financial authority can your attorney have?
A property and financial affairs LPA can give your chosen attorneys authority to manage:
- Bank and savings accounts.
- Investments and portfolios.
- Buying, selling or managing property.
- Pension income and benefits.
- Tax affairs and HMRC correspondence.
- Day-to-day bills and financial commitments.
Unlike a health and welfare LPA, this type of LPA can be used with your consent while you still have capacity or only if capacity is lost. The level of authority is entirely your choice.
Choosing who acts and how decisions are made.
Financial authority carries responsibility.
You may wish to:
- Appoint one attorney or several.
- Require attorneys to act jointly for major decisions.
- Allow independent action for routine matters.
- Include guidance about investment strategy or property sales.
Clear drafting ensures your arrangements work smoothly in practice. The aim is control without creating unnecessary rigidity.
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Getting the detail right, from the start.
Property and financial affairs lasting powers of attorney must comply with strict legal requirements. Errors can lead to rejection or uncertainty at the point financial access is required.
Our private client solicitors advise individuals and families across London and the South East on preparing LPAs that work properly in practice. As a Lexcel-accredited law firm, we focus on careful preparation so the arrangements you put in place can be relied upon if circumstances change.
At Thomas Mansfield Solicitors, we ensure:
- The property and financial affairs LPA is structured clearly and precisely.
- Attorneys are appointed appropriately and understand their responsibilities.
- Any restrictions or preferences are workable in practice.
- The document complies fully with legal requirements.
- Registration is handled efficiently and without avoidable delay.
Meet our team
Put practical financial protection in place.
Putting a property and financial affairs lasting power of attorney in place does not need to be complicated. With the right advice, the process can be clear and straightforward.
Our private client team will guide you through the key decisions, prepare the documentation carefully and ensure the arrangements are properly signed and registered so they are ready if circumstances change.
How to get started
Frequently asked questions
Are attorneys accountable for how they manage my finances?
Yes. Attorneys must act in your best interests, keep proper records and avoid conflicts of interest. They can be required to justify decisions if concerns arise. Choosing the right person and structuring authority carefully reduces the risk of difficulty later.
Can I appoint multiple attorneys?
Yes. You may appoint multiple attorneys and decide whether they act jointly, independently or jointly for specific decisions. The structure you choose should reflect practical realities. Requiring all attorneys to act together for routine matters can create delay if one is unavailable.
Can I restrict what my attorney is allowed to do?
Yes. You can include instructions or preferences to guide how property is handled or how investments are managed. For example, you may require attorneys to act jointly for property sales. Careful drafting ensures restrictions are legally valid and workable. If you require business continuity, then business LPA is worth considering.
Can my attorney access my bank accounts immediately?
An attorney can only act once the LPA has been registered with the Office of the Public Guardian. You can decide whether authority begins immediately (with your consent) or only if capacity is lost. A properly structured lasting power of attorney property & financial affairs arrangement ensures banks and financial institutions recognise your attorney’s authority when needed.
Does a property and financial affairs LPA allow attorneys to make business decisions
If you want to appoint someone to make business decisions on your behalf, or ensure business continuity, then business LPA is a more suitable option.
What happens if I lose capacity without a financial LPA?
If no property and financial affairs lasting power of attorney exists, a family member must apply to the Court of Protection for deputyship. This can take several months and may limit flexibility in managing investments or property. During that period, accounts may be frozen or transactions delayed. Planning ahead avoids these restrictions.
Contact us
Getting in touch couldn’t be easier. Use our form or call us to speak to an experienced solicitor in confidence.
Please note we cannot offer legal aid.