Powers of Attorney
Have you considered what might happen in the unfortunate event that you or a loved one are unable to manage your own affairs due to illness or incapacity? It is worth considering that you may want to appoint an Attorney to deal with your affairs if you are unable to in the future. In the absence of an Attorney your loved ones or close relatives and friends may have to make an application to the Courts for a Court Order enabling them to deal with your finances and such an application can be both costly and lengthy.
Lasting Power of Attorney (LPA)
There are two types of LPA Property & Affairs (this deals with your financial affairs including your home) and Health & Welfare (this deals with health decisions which can range from residential care to withholding life prolonging treatment). You can have either or both. In particular you may need in additional to a Property LPA a Health & Welfare LPA where your nearest and dearest is not your legal next of kin such as where you are not married or in a civil partnership. Both types of LPA allow you to appoint one or more persons to act on your behalf and they can continue to act for you if you lose your mental capacity in the future. The LPA can be used straight away or it can be restricted so that it will only come into force if you become mentally incapable of looking after your own affairs. Your LPA must be registered with the Court of Protection before they can be used by your Attorneys.
General Power of Attorney
A general power of attorney can be used where you need someone to act on your behalf because you are incapable of carrying them out by yourself due to illness, accident or being away on holiday or business. A general power of attorney is helpful for certain circumstances for example where you may be about to exchange contracts on a property sale or purchase and would like to appoint an attorney to agree to any last minute amendments and to sign documents to give effect to the transfer. It is easy to revoke a general power of attorney and in the event that you lose mental capacity it is automatically revoked. Please feel free to contact us for further information.