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 you Need to Know
A Financial Power of Attorney, often referred to as a Property and Financial Affairs Lasting Power of Attorney (LPA), is a crucial legal document that empowers you to appoint trusted individuals as your attorneys to manage your financial and property matters on your behalf should you become unable to do so yourself.
At Tann Law Solicitors, we specialise in helping individuals in Coventry and throughout the UK create Financial LPAs to protect their financial interests and ensure their affairs are handled according to their wishes.
Why Create a Financial Power of Attorney?
There are several compelling reasons to consider creating a Financial LPA:
Continuity of Financial Management: With a Financial LPA in place, you can ensure that your financial affairs continue to be managed smoothly, even if you become unable to do so due to illness, injury, or incapacity.
Peace of Mind: Knowing that you have chosen trusted individuals to handle your financial matters can provide you with peace of mind, knowing that your finances are in capable hands.
Avoiding Court Intervention: Without a Financial LPA, if you lose the capacity to manage your finances, your loved ones may need to go through the time-consuming and costly process of applying to the Court of Protection. An LPA can help you avoid this.
Tailored Decision Making: You can specify the extent of your attorneys’ authority, allowing you to tailor the LPA to your specific needs and preferences.
Creating Your Financial Power of Attorney
Creating a Financial LPA involves several essential steps:
- Select Your Attorneys: Choose one or more individuals you trust to act as your attorneys. Discuss your financial preferences and goals with them to ensure they understand your wishes.
- Complete the LPA Forms: Both you and your chosen attorneys must complete the specific LPA forms for property and financial affairs. These forms are distinct from those used for health and welfare decisions.
- Notify Trusted Parties: Inform close family members or friends about the existence of your Financial LPA. This can help prevent potential misuse of the LPA’s powers.
- Registration: The completed LPA forms must be registered with the Office of the Public Guardian (OPG) before they can be used. A registration fee applies.
- Legal Guidance: Seeking legal advice when creating your Financial LPA is advisable. A solicitor can provide expert guidance, ensure the forms are correctly completed, and help you avoid potential issues in the future.
Resolving a Powers of Attorney Dispute
We defend claims brought by family members or third parties, as well as individuals who wish to contest the decisions of an attorney. Disputes can frequently be resolved following a meeting between the parties or through mediation.
The Court of Protection (the court that handles the affairs of those who lack capacity) encourages parties to an attorney dispute to attempt alternative dispute resolution, so it is essential to seek specialised legal counsel.
This is an area of expertise. Numerous of our solicitors are trained mediators who assist clients in resolving power of attorney disputes with minimal stress.
Who covers the costs for Power of Attorney Disputes?
The general rule in the Court of Protection is that the donor’s estate pays the objector’s costs. However, this only applies if you are always reasonable: if the court determines that an application was made in bad faith, it may disregard the general rule.
If you decide to object to the registration of an EPA or LPA, or to the actions of an attorney or deputy, you must adhere to the Court of Protection’s formalities when submitting your application. This can be quite complex, so it is recommended to employ a solicitor.
You may have been contacted by the Court of Protection regarding an objection to your appointment or the manner in which you are administering the estate as an attorney.
Under these conditions, it is imperative that you seek legal counsel as soon as possible, and you should almost certainly also seek legal counsel to defend any action brought against you and to explain your conduct thus far.
Why Choose Tann Law?
At Tann Law Solicitors, we specialise in resolving Power of Attorney (POA) disputes. Our solicitors have in-depth knowledge and extensive experience in handling complex legal matters associated with POAs.
We understand that each power of attorney dispute is unique, and we take the time to thoroughly comprehend your specific circumstances. Our team customises our approach to meet your needs, goals and preferences, ensuring a tailored solution for you.
With Tann Law Solicitors, you can trust that all POA forms and documents will be meticulously completed in full compliance with the latest legal requirements, ensuring the validity of your case. Rest assured, your power of attorney dispute is in capable hands.
We prioritise the legal integrity of your case and manage your financial matters according to your wishes, providing you with peace of mind. Our services are cost-effective and accessible to individuals from all backgrounds, with transparent pricing and high-quality legal assistance.
With our extensive experience in handling claims related to POAs, including Inheritance Act claims, trusts, enduring powers of attorney, and deputyship applications, we have the expertise to navigate any challenges you may encounter.
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