The Power of Powers of Attorney
If you are looking for a New Year’s Resolution, consider getting your affairs in order.
Powers of Attorney explained by Mark Goodson of BTMK Solicitors.
What is a Power of Attorney?
A Power of Attorney is a document that someone can make that appoints someone else to look after their affairs if they can’t do so themselves for any reason. They are often written and agreed at the same time as writing a new will or amending an existing one, although of course can be done independently and at any time, as long as the person giving the power (the Donor) has their mental capacity. There are two main types:-
- Ordinary/General Powers of Attorney
- Lasting Powers of Attorney
Ordinary / General Powers of Attorney Explained
These can be used for general purposes like operating bank accounts & other financial matters, or for a specific purpose like selling land. These work because the Donor promises to consent to any decision the Attorney makes. If the Donor loses mental capacity, they can’t then consent, so the general power of attorney doesn’t work under those circumstances. They can be especially useful in situations where the donor is out of the country for an extended period of time or lives abroad.
Lasting Powers of Attorney Explained
There are two types; ‘Health & Care Decisions’ and ‘Financial Decisions’. The Health & Care Decision version is a Power of Attorney that deals with everything of a non-financial nature, and crucially it can ONLY be used when the Donor has lost capacity. The Financial Decisions Power of Attorney deals with everything of a financial nature and can be used whether or not the Donor has lost capacity. The forms, process and registration of these documents is the same.
If you would like to discuss the best option for yourself or a loved one get in touch with me, Mark Goodson at BTMK Solicitors. Direct dial 01702 221924 or email email@example.com
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