Do I Have to Register My Lasting Power of Attorney (LPA) with My Bank?
When it comes to managing your finances, it’s important to have a plan in place for the future. One way to do this is to create a Lasting Power of Attorney (LPA). An LPA is a legal document that allows you to appoint someone to make decisions on your behalf in the event that you become unable to do so yourself.
Before you can use your authority, the LPA must be registered with the Office of the Public Guardian (OPG). Having the LPA registered does not mean that the donor has lost their mental capacity, it simply means that the appointed attorney has the legal authority to make decisions on the donor’s behalf.
Once the LPA is registered, you may want to consider registering it with your bank. This will ensure that your attorney can access your bank accounts and manage your finances in the event that you become unable to do so.
The process of registering your LPA with your bank is relatively straightforward. First, you will need to provide the bank with a copy of the registered LPA. You will also need to provide proof of identity for both you and your attorney. The bank may also require additional information, such as a letter of authority from the donor, or proof of address.
Once the LPA is registered with the bank, the attorney will be able to access the donor’s accounts and manage their finances. However, it is important to note that the attorney will not be able to access the donor’s accounts until the donor has lost their mental capacity.
In conclusion, registering your LPA with your bank is not a legal requirement, but it can be a useful way to ensure that your attorney can access your accounts and manage your finances in the event that you become unable to do so. Before you can use your authority, the LPA must be registered with the Office of the Public Guardian (OPG). Having the LPA registered does not mean that the donor has lost their mental capacity, it simply means that the appointed attorney has the legal authority to make decisions on the donor’s behalf.