What Is a Property & Financial Affairs LPA?

19th September 2025

Updated: Friday 9th January 2026

What is a Property and Financial Affairs LPA? A Property and Financial Affairs Lasting Power of Attorney is a legal document that lets you choose someone you trust to manage your money and property if you cannot do so yourself. It protects you during your lifetime, unlike a Will which only applies after death.

This type of LPA is designed to step in if you lose mental capacity due to illness, injury or age related conditions. It can also be used with your permission while you still have capacity, for example if you need help managing your finances.

What decisions does a Property and Financial Affairs LPA cover?

A Property and Financial Affairs LPA allows your attorney to deal with a wide range of financial matters. These can include managing bank and savings accounts, paying bills, collecting pensions or benefits, and handling property matters.

Your attorney may also be able to buy or sell property, deal with investments and manage care fees, depending on the powers you grant. You can include guidance or preferences to help your attorney make decisions in line with your wishes.

Why is a Property and Financial Affairs LPA important?

Without this LPA, your family or friends have no automatic right to manage your finances if you lose capacity. Even a spouse or adult child cannot access your bank account or sell property on your behalf without legal authority.

In these situations, loved ones must apply to the Court of Protection for a deputyship order. This process can take several months and often costs thousands of pounds in fees. A Property and Financial Affairs LPA avoids this by putting the right authority in place in advance.

Who can you appoint as your attorney?

You can appoint anyone over 18 who you trust to act in your best interests. Many people choose a partner, adult child or close friend. Some appoint a professional such as a solicitor or accountant.

It is important to choose someone who is reliable, financially responsible and willing to take on the role. You can appoint more than one attorney and decide whether they must act together or can act independently. You can also name replacement attorneys as a backup.

When does a Property and Financial Affairs LPA take effect?

This LPA can be used as soon as it is registered with the Office of the Public Guardian, if you choose. You can allow your attorney to help while you still have capacity, or limit their powers so they only act if you lose capacity.

The choice is yours and should reflect your personal circumstances and comfort level.

How do you set up a Property and Financial Affairs LPA?

To set one up, you complete the application using a service like Power of Attorney Online, sign it with a witness and have a certificate provider confirm you understand the document. It must then be registered with the Office of the Public Guardian before it can be used.

Many people use a guided online service to reduce errors and ensure the application is completed correctly.

Why should you consider setting one up now?

A Property and Financial Affairs LPA provides protection, clarity and peace of mind. It ensures your finances are managed by someone you trust, without delay or legal complications, if the unexpected happens.

Putting this LPA in place early gives you control over your future and helps protect the people who matter most to you.