Financial Power Of Attorney
By creating a Financial LPA with Tann Law Solicitors, individuals across the UK can make sure their financial interests are protected and their affairs are handled just the way they want.
What is a Financial Power of Attorney?
A Financial Power of Attorney, also known as a Property and Financial Affairs Lasting Power of Attorney (LPA), is a legal document that allows you to appoint trusted individuals to manage your financial and property matters on your behalf if you become unable to do so.
At Tann Law, we specialise in helping individuals across Coventry and the UK create Financial LPAs, ensuring their financial interests are protected and their affairs are managed according to their wishes.
Why Create a Financial LPA?
A Financial LPA offers many benefits, providing peace of mind that your financial matters will be properly handled even if you cannot manage them yourself. Here are some key reasons to establish a Financial Power of Attorney:
Continuity of Financial Management: A Financial LPA ensures that your financial affairs continue to be managed smoothly, even if you are incapacitated due to illness, injury, or other circumstances.
Peace of Mind: By appointing a trusted individual to manage your finances, you can be assured that your affairs will be handled competently and responsibly, giving you peace of mind.
Avoiding Court Intervention: Without a Financial LPA, your loved ones may need to apply to the Court of Protection to take control of your financial affairs, which can be both time-consuming and costly. Establishing an LPA in advance can help avoid this.
Tailored Decision-Making: You have the flexibility to specify the level of authority granted to your attorneys, ensuring that the LPA is customised to meet your specific financial needs and preferences.
Creating Your Financial Power of Attorney
Setting up a Financial LPA involves several important steps:
- Select Your Attorneys: Choose one or more individuals you trust to act on your behalf. Discuss your financial goals and preferences with them to ensure they understand your wishes.
- Complete the LPA Forms: The LPA forms for property and financial affairs need to be completed and signed by you and your chosen attorneys. These forms are different from those used for health and welfare decisions.
- Notify Trusted Parties: Inform your close family members or friends about the existence of your Financial LPA to help prevent misuse of the LPA’s powers.
- Register with the Office of the Public Guardian (OPG): The LPA must be registered with the OPG before it can be used. There is a registration fee that applies.
- Seek Legal Guidance: Seeking expert legal advice when creating your Financial LPA can help you avoid potential issues. At Tann Law, our solicitors ensure that your LPA is completed accurately and in compliance with legal requirements, providing a solid foundation for future financial management.
Resolving a Powers of Attorney Dispute
Disputes involving powers of attorney can arise for various reasons, such as concerns over the donor’s mental capacity or disagreements regarding how an attorney is managing financial matters.
At Tann Law, we are experienced in resolving these disputes, offering professional mediation and legal representation in the Court of Protection if necessary. Our goal is to minimise stress and reach resolutions that align with the donor’s best interests.
Who Covers the Costs for These Disputes?
In the Court of Protection, the general rule is that the donor’s estate covers the objector’s costs. However, if the court determines that an application was made in bad faith, this rule may not apply.
If you wish to contest the registration of an LPA or the actions of an attorney, it is important to adhere to the formal procedures set by the Court of Protection. Given the complexity of these procedures, seeking legal representation is highly recommended.
If you are contacted by the Court of Protection regarding an objection to your appointment or how you are administering an estate, it is important to seek legal counsel promptly. Tann Law can assist in defending any action taken against you and ensure that your conduct is properly explained and justified.
Why Choose Tann Law?
At Tann Law Solicitors, we offer professional, reliable, and approachable services to help you create a Financial Power of Attorney that protects your interests.
Our experienced team has extensive knowledge of powers of attorney and can guide you through each step of the process, ensuring all documents are properly completed and registered in compliance with current legal standards.
We also specialise in handling disputes related to powers of attorney, including claims under the Inheritance Act, trusts, enduring powers of attorney, and deputyship applications.
Whether you are looking to create a Financial LPA or need assistance resolving a power of attorney dispute, Tann Law is here to support you with cost-effective and transparent legal services.
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