Lasting Powers of Attorney...
A Lasting Power of Attorney is a document you complete which gives someone of your choice, the power to deal with your health or financial affairs, if for any physical or mental reason you were unable. Once registered this will also continue after mental incapacity. Unfortunately, this can only be drawn up before an event occurs, not after.
There are two types of Lasting Powers of Attorney, a Health and Welfare to appoint someone to make decisions regarding your later-life care and a Financial one to appoint someone to help with your finances
Who needs a Lasting Power of Attorney?
Anyone who has money, property or investments, in their sole name or owns any share in a property.
Anyone who wants to appoint someone to make decisions about their treatment and where they are to be treated.
What happens without these documents in place?
All your assets are effectively frozen.
Your property cannot be sold, causing a sale delay and financial problems.
There will be a long delay in dealing with bills
Family members can be dis-empowered from acting for you
A receiver will need to be appointed and charges are incurred, which can be £10,000 in the first year alone. The court can insist on your receiver depositing a bond of many £1000's. A receiver has to keep annual accounts of their financial dealings and there are annual reviews and fees required by the court.
Requirements
You must be of sound mind when drawing up.
You must be over the age of eighteen.
You can appoint four Attorney's and two replacement Attorney's.
You should also appoint one person who is to be notified in the event the document is to be registered.
You will need a certificate provider which we can help you with
The Attorney's Duties
An Attorney must act in the Donor's best interest and only use the Donors money for purposes which the Donor would themselves.
The Attorney is, within reason, able to make gifts or otherwise benefit himself or other people for whom the Donor might have been expected to make provision. Having regard to the size of estate , the Attorney may make gifts of a seasonal nature or wedding gifts or donations to charities - again for those people for whom the Donor might have been expected to make provision.
Unless restriction or conditions exist the power of an Attorney can start immediately that the Lasting Power of Attorney form is registered at the public guardianship office. Some Donors may prefer that a restriction be entered, allowing the Attorney(s) power to commence only on the Donor’s mental incapacity.