Lasting Powers of Attorney
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is a document in which you give one or more people the power either to manage your financial affairs on your behalf (a Property and Affairs Lasting Power of Attorney) or to make health and welfare decisions for you if you are no longer able to do so yourself (a Welfare Lasting Power of Attorney).
Why would I need a Lasting Power of Attorney?
It is a sensible idea for any adult with assets to make provision in case they cannot manage their own affairs. It could be that a Lasting Power of Attorney is the most effective way of achieving what you want or there may be other options; we can advise you on this. If you have an illness which may get worse it becomes particularly important to have a Lasting Power of Attorney or some other provision in place in case you become either mentally or physically incapable of managing your finances or making health and/or welfare decisions.
Can I limit what my attorney can do on my behalf?
Yes. You can include restrictions in the document or provide that it only gives your attorney authority to do certain things or handle certain assets. You should speak to us about your requirements and we can draft the document to take these into account.
Will my attorney be able to act straight away?
Under a Property and Affairs Lasting Power of Attorney the attorney can act as soon as the document has been formally registered with the Court of Protection, unless you put in a restriction saying otherwise. Under a Welfare Lasting Power of Attorney the attorney will not be able to act unless you are incapable of acting yourself.
Will I still be able to manage my financial affairs after I have appointed a Property and Affairs attorney?
Yes, whilst you still have mental capacity you can do everything you could have done before you signed the document and hence can retain control of your own finances.
Can I 'cancel' a Lasting Power of Attorney?
As long as you have mental capacity you can revoke the Lasting Power of Attorney. This does not mean that you have 'cancelled' anything the attorney(s) has done for you whilst acting under the Lasting Power of Attorney.
Is there anything financial that my attorney(s) will not be able to do on my behalf under a Property and Affairs Lasting Power of Attorney?
Yes. Your attorney(s) will not generally be able to act as trustee of any Trust for you. They also have very limited powers to make gifts on your behalf. They can sell your house but in some limited circumstances where your house is jointly owned this may not be possible without your signature.
What happens if I die, will my attorney be able to sort out my estate?
No, the Power of Attorney ceases on your death and administration of your estate passes to the executors of your Will or the people who are appointed Administrators of your estate if you die intestate, i.e. without a valid Will
If you have questions regarding anything you have read above, or if you would like to make an appointment, please contact our Wills and Probate Department on 01405 765661.