A Property & Financial Affairs Lasting Power of Attorney (PA) takes care of your financial affairs, property, money and assets. This means that your chosen attorney can pay your bills and deal with your income when you can’t.
One reason for a Property & Financial Affairs LPA is to avoid the possibility of family arguments over who takes responsibility for your assets. An LPA can be tailored to meet your specific requirements. You can hand over as little or as much control as you wish to your attorney.
If you are a business owner, it is important to think about what would happen to your business if you were unable to make decisions.
Who would authorise the payment of bills, sign cheques, service a business loan or pay salaries if something happens to you? Would you hope that a colleague or family member will get authority to act on your behalf? This could take some time to sort during which your business will potentially be at risk.
To protect your business, talk to us about a separate Business LPA to cover this.