Property and Finance

A property and finance LPA allows the attorney to govern the donor’s financial affairs, specifically the donor’s property, bank accounts and savings accounts, as well as investments, pensions and state benefits. If the donor has given their consent in the LPA, you will also gain access to legal documents such as taxes and paying bills.

An attorney is allowed to use the donor’s money to look after their home and make purchases they need for day-to-day living, such as food, cleaning products and clothing.

They will also be able to discuss and influence decisions that will affect the donor’s living arrangements, medical care or daily routine. The attorney can have contact with the donor’s health and welfare attorney, if applicable (they can be the same person, of course). We advise that if the health and welfare attorney is a different person, the attorneys maintain good contact with each other in order to discuss how the impact of their choices could affect the other attorney.

If the attorney of property and finance decides to sell the donor’s home, we advise them to have a discussion with the attorney for health and welfare about where the donor will live. 

It is important for the attorney to remember that when looking after the donor’s assets and finances, they must keep them separate from their own (unless you already have something in both of your names, such as a joint bank account or a jointly-owned home). This means that if, for instance, the local authority or HMRC require a list of the donor’s assets (such as when a donor goes into care) it will be much easier to supply.