2020 is a year of change and uncertainty. With so much going on, it’s important to understand the rights and responsibilities of having a power of attorney. One of the most important questions is: Does a power of attorney have the right to bank accounts?
The answer is yes, but it depends on the type of power of attorney you have. A Property and Financial Affairs Lasting Power of Attorney (LPA) can give someone the authority to deal with and make decisions about things like buying or selling property, bank, building society and other financial accounts.
The LPA is a legal document that allows you to appoint someone you trust to make decisions on your behalf. This could be a family member, friend or professional. It is important to note that the person you appoint must act in your best interests and follow the law.
When you set up an LPA, you can decide what powers your attorney has. This includes the power to manage your bank accounts. Your attorney can access your accounts, withdraw money, pay bills and manage investments.
It is important to note that an LPA does not give your attorney the right to make decisions about your health and welfare. For this, you need to set up a Health and Welfare Lasting Power of Attorney.
When setting up an LPA, it is important to discuss your wishes with your attorney. You should also make sure that your attorney understands their responsibilities and is aware of any restrictions you may have.
It is also important to keep your attorney up to date with any changes in your financial situation. This will help them to make decisions in your best interests.
Having a power of attorney can be a great way to make sure your finances are managed in the way you want. It is important to understand the rights and responsibilities of having a power of attorney, and to make sure you have the right type of LPA for your needs.