Let’s be honest, Power of Attorney is not something most of us enjoy thinking about. It is one of those jobs that often sits on the “I’ll do it tomorrow” pile.
If you have already arranged yours, you’re ahead of the game. It is still worth reading on, as this article explains how an attorney can help manage savings and mortgages with us at Suffolk Building Society.
If you have not arranged a Power of Attorney yet, you are not alone. There are only around 10.6 million Power of Attorney documents registered in England and Wales, but nearly 50 million adults.
In simple terms, a Lasting Power of Attorney (LPA) lets you appoint someone you trust to make decisions for you.
There are two types of LPA:
- One covers property and financial affairs
- The other covers health and welfare.
The person making the LPA is known as the donor. The person appointed to act on their behalf is known as the attorney.
When might someone need a Power of Attorney?
Many people associate Power of Attorney with old age or dementia. However, there are many other reasons why an attorney may need to step in.
These include:
- a serious accident
- a serious illness
- a mental illness or neurodiverse condition affecting mental capacity
- major surgery or a long hospital stay
- physical difficulties or disabilities that make managing money difficult.
Sometimes the need is permanent. Sometimes it is only temporary.
A person may still understand every decision but be unable to visit a branch, use online banking or deal with paperwork. For example, they may be in a hospital bed for several weeks or recovering at home after an accident.
Having an LPA ready means someone they trust can help.
Why Power of Attorney matters to us
Many Suffolk Building Society members have been with us for decades, and we’re here to support them as their needs change. This includes times when an attorney may be required to manage a member’s savings or mortgage.
We know these situations can feel unfamiliar and emotional. Families may already be dealing with illness, care arrangements or a sudden change in someone’s independence.
Whether the attorney needs to manage savings, a mortgage, or both, we aim to make things as clear and straightforward as possible.
Once we have completed the required checks, we can speak directly to the attorney. We can explain what they are able to do, what information we need and what options may be available.
An attorney does not need to know everything before contacting us. Our team can guide them through the next steps.
When can a Power of Attorney be used?
Once a Lasting Power of Attorney has been registered with the Office of the Public Guardian, there is no separate activation process.
For a Property and Financial Affairs LPA, the registered document gives the attorney legal authority to act. Depending on how the LPA has been written, it may be used while the donor still has mental capacity. (This differs from a Health and Welfare LPA, where the attorney can only act when the donor no longer has the capacity to make the relevant decision.)
If an LPA was registered on or after 1 January 2016, the attorney will be able to create an access code through the Office of the Public Guardian’s online service. This allows organisations such as us, to view an online summary of the LPA and verify it is legitimate and up-to-date.
Using a Power of Attorney with Suffolk Building Society
We understand that logging into a website and remembering a password may be the last thing on your mind when someone you care about is unwell.
If it is easier, you can visit one of our branches with:
- the registered Power of Attorney
- proof of your identity, such as a passport or driving licence.
We will check the documents and explain what happens next.
If you don’t live near a branch or prefer to provide the information remotely, we will ask for certified copies of your identification.
Once the necessary checks have been completed, we can deal with the attorney on the donor’s behalf. This may take several days as we will have to refer to the Office of the Public Guardian.
Managing savings under a Power of Attorney
Depending on the powers included in the LPA, an attorney can usually carry out many of the tasks the saver could have completed themselves.
This may include:
- paying in, withdrawing or transferring money
- opening, switching or closing eligible accounts
- checking balances, viewing statements and managing the account
Access to savings can be vital.
Someone returning home after an accident or illness may need carers or specialist adjustments or equipment within their home. Family members may also need to arrange respite care while longer-term plans are made.
Not every family can pay for these costs themselves. Being able to use the donor’s own savings can help essential support be put in place more quickly.
Even when money is not needed straight away, an attorney may want to check that the money is in the most suitable place for the donor.
Managing a mortgage under a Power of Attorney
An attorney may also be able to deal with mortgage matters, subject to the wording of the LPA, the donor’s circumstances and normal lending criteria.
This may include:
- Moving home
- remortgaging
- making overpayments or one-off payments
- checking balances and statements
- making changes to an existing mortgage
- redeeming the mortgage
- arranging a transfer of equity
- asking for support with payments.
Some people may be surprised to see moving home or applying for a mortgage on this list.
However, a move may be in the donor’s best interests if their current home no longer suits their needs.
Examples of when a donor may need to move home:
Adapting after an accident
Mark, aged 42, had a serious accident and could not manage his finances while recovering at home.
His sister was already appointed as his attorney. She helped him sell his three-bedroom house and move to a one-bedroom bungalow that was better suited to his mobility. The smaller mortgage also released some money towards carers and equipment.
Arranging specialist care
Margaret, aged 74, had arranged an LPA before dementia affected her ability to make decisions.
When she later needed specialist residential care, her attorney was able to sell her home and use the money to help fund her care. The remaining funds continued to be managed for her future needs.
Do not leave it until it is needed
It’s good advice to consider setting up an LPA sooner rather than later. Arranging an LPA while the donor has capacity to do so provides them with the choice of who they would like to make decisions about their health and/or financial affairs should this ever be required in the future. If an individual loses capacity and does not have an LPA in place it will be necessary for someone, but not necessarily an individual of their choice, to apply for a deputy-ship which can be a very lengthy and expensive process.
We are here to help
We do not prepare Lasting Powers of Attorney. However, we are happy to answer questions from donors who have a mortgage or savings account with us, or attorneys managing finances on their behalf.
You can contact our customer care team on
0330 123 0723
or by emailing
You can also find further information through the Office of the Public Guardian.
A little preparation now can make things much easier later on.
