Managing your Finances and Property

Managing your Finances and Property (Powers of Attorney or Deputyship)

General Power of Attorney

You can make a general power of attorney to appoint someone you trust to manage your property and financial affairs for as long as you wish. Unfortunately, such a power will not remain valid should you lose your mental capacity. These powers are therefore, usually more appropriate for someone who wishes to appoint an attorney to act for a limited time or to sell a certain asset, for example a house.

Lasting Powers of Attorney (‘LPA’)

By making an LPA, you can again appoint someone to manage your property and financial affairs. The LPA must be registered at the Office of the Public Guardian before it can be used but unlike the general power of attorney referred to above, it will not fail should you lose your mental capacity. 

Unlike the deputyship application referred to below, having a LPA is cheaper, quicker and allows you to choose who will look after your finances.

We believe that a LPA is an indispensable document to have and can assist you putting one in place. We offer a fixed price service for this.

Click here for our Lasting Power of Attorney information sheet and here for our questionnaire which you may wish to complete and return to us.

Enduring Powers of Attorney (‘EPA’)

It is no longer possible to make one of these but if you made one before the 1st October 2007 it is still valid. If a person with an EPA starts to lose their mental capacity, the EPA must be registered at the Office of the Public Guardian in order that it can still be used. We can assist you with this application and advise you regarding any other matters regarding your use of an EPA.

Deputyship

This is your only option, if you become mentally incapable of managing your own finances and are not fortunate enough to have a LPA or EPA in place. Someone will need to apply to the Court of Protection to be given the power to manage your finances on your behalf. We can help with this application which is more costly, cumbersome and time consuming than an LPA or EPA application.