If you are appointed as an attorney for property and financial affairs under a lasting power of attorney, you will be responsible for the financial affairs, including dealing with property, for the person who was the donor of the powers. Here we look at some of the issues you may have to handle.
A lasting power of attorney for financial and property is a legal instrument naming attorneys who are authorised to make such decisions if the donor can’t.
Power of Attorney Online
Donors may wish to take steps to create a power of attorney, and they can do so by looking for a Power of Attorney Online by searching at sites such as //powerofattorneyonline.co.uk/.
Which Decisions Can You Make?
As an attorney for property and financial affairs you may be required to make some decisions, possibly in conjunction with the donor on issues such as :
Tax bills, utility bills and money. . Building Society, savings accounts and current bank accounts. . Investments or properties. . Any benefits or pensions.
If the donor retains mental capacity, you can still make decisions if the LPA makes it clear that you can or the donor gives permission to you.
If this is not the case, you can only act if the donor has been diagnosed as not having mental capacity.
What Other Use Can You Make of the Donor’s Funds?
You are allowed to use the donor’s funds to take care of their home and buy food or other items they may need for day-to-day life. If issues arise about the donor’s health, this should be discussed with the person or persons who hold the powers of the health and welfare attorney, unless this is also you.
You can also make gifts which the donor may have regularly made to family and friends, such as on birthdays, or make donations to their regular charities. Any other gifts must be cleared by the Court of Protection. You will also need to seek legal advice if you wish to sell a property.