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This article was published on August 10th, 2026
Most people in the United Kingdom rely on bank accounts, debit cards and credit cards to manage their everyday finances. Our savings and income are also likely to be held securely in bank accounts, allowing us to pay for food, household bills, clothing and other everyday expenses.
It can be difficult to think about a time when you may no longer be able to manage these things yourself. However, a Property and Financial Affairs Lasting Power of Attorney (LPA) allows you to appoint people you trust to help manage your money, property and financial affairs if you need assistance in the future.
This can include managing your bank accounts, paying bills and care fees, dealing with your property and making other financial decisions on your behalf.
Here are three situations that demonstrate why having a Lasting Power of Attorney in place can be important.
You may have a serious fall which means that you are in hospital or become housebound.
If you are the sole owner of your bank accounts, it can become difficult for somebody else to legally manage your finances on your behalf. Simply giving a family member, neighbour or friend your bank card and PIN is not the same as giving them legal authority to manage your financial affairs.
Under a Property and Financial Affairs Lasting Power of Attorney, you can appoint specific individuals you trust to manage or assist with your finances.
Depending on the instructions within your LPA, your attorneys may be able to help you while you still have mental capacity. This can give you peace of mind that, if something does happen, someone you trust can help ensure essential shopping is purchased and household bills continue to be paid.
You may decide that you no longer wish to live at home and that a care home is better suited to your needs.
Your property may need to be sold to help fund your care fees. This could also involve managing the property, arranging its sale and dealing with the belongings inside it.
If you are the sole owner of the property, dealing with everything yourself could be extremely difficult after moving into a care home.
A Property and Financial Affairs LPA can allow your appointed attorneys to deal with financial and property matters on your behalf, subject to the authority you have given them.
This can provide reassurance that someone you have chosen and trust can help manage these matters when you are unable or no longer wish to deal with everything yourself.
If you lose mental capacity without having appropriate arrangements in place, your loved ones do not automatically gain the legal authority to manage assets held solely in your name.
This can make it much more difficult for them to use your money to pay for your care, food, toiletries, household costs and other essential expenses.
Creating a Property and Financial Affairs LPA allows you to choose who you would like to manage your financial affairs if you lose mental capacity.
Depending on how the LPA is set up, your attorneys may be able to assist you while you still have mental capacity or only once you are unable to make the relevant decisions yourself.
Having an LPA in place can also avoid the need for loved ones to apply to the Court of Protection for a Deputyship Order to manage your financial affairs if you lose capacity without an LPA.
Applying for a Deputyship Order can be a longer and more expensive process. Importantly, by making an LPA while you have mental capacity, you can choose who you trust to act on your behalf rather than leaving arrangements to be made after you have lost capacity.
A Lasting Power of Attorney is about planning ahead. You may never need someone else to manage your financial affairs, but putting the appropriate arrangements in place means someone you have chosen can help if your circumstances change.
If you would like to put a Lasting Power of Attorney in place, our Wills and Probate team at Thorneycroft Solicitors will be happy to assist.
Contact us today on 01625 503444 or email [email protected].
Written by Eden Fox, Trainee Solicitor in our Wills and Probate team.
