As we are now living to an increasingly older age there is a greater risk of us becoming incapacitated either physically or mentally to the extent that more of us will need someone to help manage our affairs in old age.
A Lasting Power of Attorney is a document which you can complete which will enable someone of your choice to take over your affairs at once and to continue to act as your Attorney and Representative should you become mentally incapable or to act as Attorney when you are no longer capable of managing your own affairs.
A Lasting Power of Attorney can only be made provided that you retain sufficient mental capacity to do so and are 18 years of age or over.
The Lasting Power of Attorney has replaced the previous Enduring Power of Attorney which is no longer available.
Ordinary Powers of Attorney are automatically cancelled if the person who signed them should lose mental capacity. The advantage with someone making a Lasting Power of Attorney is that this document will remain active beyond incapacity and so remain valid and available for use when necessary.
The Lasting Power of Attorney is prepared by using a prescribed form which we are able to provide for you. Two forms exist, one covering a person's assets and the other form covering health and welfare issues. You may if you wish choose either or both forms.
The Lasting Power of Attorney can give your chosen Attorney general authority to act on your behalf or, if you wish to do so, place certain limitations or restrictions on the extent of his or her authority. This choice is entirely yours.
You are able to choose whoever you like to act as your Attorney provided that they retain full capacity. It is usually more appropriate to appoint more than one person being a relative, friend or perhaps even your solicitor. By appointing more than one Attorney this will ensure that the Attorney's powers will not be abused and also that there is an additional person in place should one of the Attorneys be unavailable at any particular time.
Whilst an Attorney has a number of responsibilities the main priority for them is to act on your behalf and in your best interests.
If no Power of Attorney is in place and capacity is lost, then in most cases, an application has to be made to the Court of Protection in London which is both expensive and time consuming. By making a Lasting Power of Attorney you can avoid this delay and save on future legal costs.
Once the Lasting Power of Attorney has been made, this then needs to be registered with the Court of Protection for which there is a registration fee to be paid of £120. The Lasting Power of Attorney cannot be used by the Attorney until it has been registered.
Provided that the person making the Power of Attorney retains capacity, they retain the right to cancel the Power of Attorney at any time.
The registration process is simple although lengthy and involves issuing notices to the persons you have appointed for this purpose. Such person might be one or more of your relatives. This measure is a safeguard aimed at protecting against unsuitable individuals who might take over control of a vulnerable person's affairs without the knowledge of their family.
Once the notice period has expired, the power is then registered. This registration gives your Attorney power to deal with matters from then on
Contact Mary Nation or Neil Orton on 01363 774706 or email mn@charlesworthnicholl.co.uk or nmo@charlesworthnicholl.co.uk