Lasting Power of Attorney for Property and Financial Affairs (LPA(PFA))
This document allows your Attorney to make decisions and act on your behalf with regards to your property and financial affairs. This may range from paying bills and making enquiries with the bank to buying or selling property and managing investments. It can be used as soon as its registered with the Office of Public Guardianship, with your permission.
Frequently Asked Questions
What’s the difference between a property and finance LPA and a health and welfare LPA?
A property and finance LPA lets your attorney manage your money, bills and property, and can be used before you lose capacity, while a health and welfare LPA covers medical and care decisions and only takes effect once capacity is lost.
Do I need a power of attorney if I’m still young and healthy?
Yes, it’s worth having a power of attorney even if you’re young and healthy, since it protects you in the event of an accident or sudden illness that leaves you unable to manage your affairs, regardless of age.
How long does it take to register a lasting power of attorney in the UK?
Registering a lasting power of attorney with the Office of the Public Guardian typically takes around 8 to 10 weeks, provided the application has no mistakes.
Can I set up a power of attorney for an elderly parent who’s starting to lose capacity?
Yes, you can help set up a power of attorney for an elderly parent, but they must still have the mental capacity to understand and sign it themselves; once capacity is lost, a court-appointed deputyship is needed instead.
What happens if someone loses mental capacity without a power of attorney in place?
If someone loses mental capacity without a power of attorney in place, their family must apply to the Court of Protection for a deputyship, which is a slower, more expensive and more restrictive process.
Can I choose more than one attorney, and what happens if they disagree?
Yes, you can appoint more than one attorney, and you choose whether they must act jointly on every decision or can act jointly and severally, meaning they can act independently to reduce the risk of deadlock.
Is it too late to set up a power of attorney after a dementia diagnosis?
It isn’t automatically too late to set up a power of attorney after a dementia diagnosis, provided the person still has the mental capacity to understand and make the decision at the time of signing.
Is a lasting power of attorney expensive compared to other legal documents in the UK?
A lasting power of attorney is relatively affordable compared with other legal documents, with the Office of the Public Guardian’s registration fee currently £92 per LPA, plus any professional fees for drafting and advice.
Can a power of attorney be cancelled or changed once it’s registered?
Yes, a registered power of attorney can be cancelled (revoked) at any time by the donor, as long as they still have mental capacity, though changing its terms usually means creating a new LPA rather than editing the existing one.
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