Powers of Attorney

What happens if you lose your mental capacity or become unable to manage your affairs?

You would of course, need someone to act on your behalf but how does that person get the authority to do this?

The best way is to appoint an attorney under the Enduring Powers of Attorney ACT.  This is a legal arrangement that allows another person or organisation manage your financial affairs for you and make financial decisions on your behalf:

How does it work?

Quite simply:

• All you have to do is complete a simple form.
• You can choose who may act for you in the future – a relative, friend, your bank or your solicitor.
• You can still deal with your affairs in the usual way.
• You have the security of knowing that someone is there to act for you if the need arises.

If you don’t make out an enduring power of attorney, someone may have to apply to the court to be appointed as your receiver. This is a costly and time consuming procedure.

The Power of Attorney may be without restrictions or it can give limited powers, such as selling a house or dealing in shares. In either case, you can still also act for yourself.

It's only valid while you are capable of giving instructions and ends only if:

• You become mentally incapable and can no longer supervise the attorney.
• You revoke the power.
• The power has a time limit that's expired.
• The specific task the power was limited to is complete. For example, a house sale.
• The attorney dies or becomes incapacitated.

Enduring power of attorney

You should consider this if you want one or more people to act for you now and/or if you become mentally incapable of handling your own affairs in the future. This person is known as an 'enduring attorney'.

An enduring power of attorney can be used immediately after all parties have signed it unless it states that it may not be used until the donor has lost mental capacity.

For more information contact us on 0845 260 5050

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