A Lasting Power of Attorney is a document in which you appoint a person or people of your choosing to be your attorneys, so that they are able to make decisions on your behalf should you become unable to do so in the future. It is also possible to name replacement attorneys in case your first named attorneys are unable to act for any reason, for example, you could appoint your spouse to be your first named attorney and your children as replacements.
It is possible to limit the authority you give your attorneys by inserting restrictions or conditions in the document. You can also offer your attorneys guidance in the Lasting Power of Attorney to assist them when making decisions on your behalf.
In order to be effective the Lasting Power of Attorney must be prepared whilst you are still able to make decisions for yourself. However, once completed it will not come to an end until you decide to revoke it, thereby giving you peace of mind that there will always be someone able to look after your affairs and make decisions on your behalf.
There are two types of Lasting Power of Attorney available, a Lasting Power of Attorney for Property and Financial Affairs, which enables your attorneys to make decisions in relation to your finances and includes being able to sell your property, and a Lasting Power of Attorney for Health and Welfare, which enables your attorneys to make decisions in relation to your personal welfare for example what medical treatment you receive.
The documents cannot be used until they have been through a registration procedure at the Office of the Public Guardian. This normally takes in the region of 10-14 weeks including court costs.
At Bart-Williams &Co, we will discuss the available options with you so you are fully aware of all the possibilities when preparing your Lasting Power of Attorney to ensure that your requirements are met.
Enduring Powers of Attorney
If you have previously made an Enduring Power of Attorney, it will remain effective provided it was completed before the 1st October 2007. The rules in relation to Enduring Powers of Attorney are slightly different to those for Lasting Powers of Attorney. However, here at Bart-Williams &Co, we can explain the differences to you so that you are fully aware of the position and what action, if any, may be required.
If you would like further information please contact us on 020 8215 0337 or fill in the form below.