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LPA – Property & Financial affairs

A Property and Financial Affairs Lasting Power of Attorney (LPA) enables you to choose one or more people to make property and financial decisions on your behalf. You can specify if it comes into force immediately or once you no longer have mental capacity. You can also specify what powers your attorneys have.

If you give them authority, your attorneys can make gifts of your money or property, but this power is limited. However, the Court can authorise additional powers to make gifts in certain circumstances. If your attorney is making investment decisions, they should take specialist advice.

If you choose more than one attorney, you can allow them to act alone or require them to act together. If you state that your attorneys must act together, then the Lasting Power of Attorney will fail if either attorney dies or loses the ability to manage your affairs. To plan for this you should consider nominating a replacement attorney who could take over.

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Inheritance Tax

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who's died.

Probate Services

Legal procedure followed after death to ensure that your Will is valid, and which gives the executors power to deal with your estate.

Will

A legal document which details a person's wishes for after they have died.

Lasting Power of Attorney - LPA

LPA is a way of giving someone you trust the legal authority to make decisions
on your behalf if you lack mental capacity at some
time in the future or no longer wish to make decisions for yourself.