What Is a Property & Financial Affairs LPA?

19th September 2025

When planning for the future, many people think about writing a Will but forget about another equally important document: a Lasting Power of Attorney (LPA). Specifically, a Property & Financial Affairs LPA ensures your finances and property can be managed by someone you trust if you lose the ability to make decisions yourself.

Unlike a Will, which only takes effect after death, an LPA protects you during your lifetime, giving your chosen attorney the authority to step in if you become ill, have an accident or simply need help managing your financial affairs.

Why a Property & Financial Affairs LPA Is So Important

Without a Property & Financial Affairs LPA, your loved ones won’t have the legal right to access your bank accounts, pay your bills, or manage your property if you lose capacity. Even if it’s your spouse or children, they can’t just step in automatically to make financial decisions without a UK Power of Attorney.

Instead, they’d have to apply to the Court of Protection for a deputyship order: a slow, stressful, and costly process that can take months. By setting up a LPA for finances in advance, you save your family that burden and make sure your finances are handled without delay.

This LPA can cover a wide range of responsibilities, including:

• Managing bank and savings accounts
• Paying household bills and care fees
• Collecting benefits or pensions
• Buying, selling, or managing property

Who Can You Appoint as an Attorney for a UK Property & Financial Affairs Power of Attorney?

The person you appoint as your attorney should be someone you trust completely, as they may one day have control over your money and property. Many people choose a spouse, child, or close friend, but you can also appoint a professional, such as a solicitor.

Key things to consider when choosing an attorney:

• Trustworthiness — They’ll be handling your finances.
• Financial responsibility — They should be capable of managing money well.
• Willingness — Always make sure the person is happy to take on the role.

You can appoint more than one attorney, and you can also specify how they should make decisions: jointly (together) or jointly and severally (together or independently).

How to Set Up a Financial Affairs & Property LPA Online

The good news is that setting up a Property & Financial Affairs LPA is easier and more affordable than many people think. With online services, you can complete the process step by step, in plain English and at your own pace.

Here’s the process:

1. Fill in the application with details about yourself, your attorneys, and any preferences.
2. Sign the form, with a witness and a certificate provider confirming your understanding.
3. Submit it to the Office of the Public Guardian for registration.

By using a guided service like Power of Attorney Online, you also reduce the risk of mistakes, which is important, as thousands of applications are rejected each year due to simple errors.

Why You Should Consider a Property & Financial Affairs LPA Today

Life is unpredictable. Illness, accidents, or sudden changes in health can happen at any age. A Property & Financial Affairs LPA ensures your finances are protected and your loved ones can act without unnecessary stress or legal hurdles.

Think of it as an insurance policy for your financial wellbeing. You hope it’s never needed, but if it is, you’ll be relieved it’s there.

Setting up a Property & Financial Affairs LPA now gives you control, peace of mind, and security for the future. It’s one of the most practical steps you can take today to protect yourself and your family.