A Power of Attorney is a legal document that enables a nominated person to make decisions on your behalf. If you have been thinking about the ways in which you can protect your health, welfare, financial affairs and assets, should you ever lose the ability to do so yourself, you may consider putting in place some form of Power of Attorney.
There are several variations of Power of Attorney to suit specific circumstances. Each type has its own validation period, which we offer more information on here. It’s vital that you understand the differences between the types of Power of Attorney available, including when and how long they are valid for, as this will ensure your best interests are protected at the times when you most need them to be.
A General or Ordinary Power of Attorney allows you to appoint an individual of your choosing to make financial or property decisions on your behalf for a temporary period of time. It should be used for short periods of time when it is not possible for you to manage these affairs yourself, such as when you are travelling, or if you ever need to stay in hospital for a while. It can also be used by businesses who wish to assign authority to certain employees or other trusted individuals when it comes to signing documents, for example. It is important to note that a General Power of Attorney cannot be used to manage health and welfare matters.
As mentioned, a General Power of Attorney should be used on a short-term basis. There are other variations of Power of Attorney that are better suited for your long-term interests, known as a Lasting Power of Attorney.
You can set an end date for when you would like a General Power of Attorney to expire, so the length of time for which the document applies really does depend on how long you need it for. For example, if you are in the middle of a property purchase and you are also planning on travelling for a few months while the purchase goes through, you may wish to set up a General Power of Attorney so that someone you trust can sign documents on your behalf while you are away.
One very important factor to bear in mind is that a General Power of Attorney can and will expire, if you ever lose your mental capacity. Only a Lasting Power of Attorney can remain valid in these circumstances.
A Lasting Power of Attorney can be set up in advance of when a time may come for you to rely on someone else to make decisions regarding your health, welfare, finances and assets. It is a long-term solution to protecting your wishes and your affairs during times when you may not be able to yourself. There are two Lasting Powers of Attorney- one document for health and welfare and one for financial affairs and assets.
Unlike a General Power of Attorney, which expires when you no longer lack the mental capacity to make decisions, a Lasting Power of Attorney comes into effect when you can no longer make decisions for yourself (or, if you would not like to). However, you can also choose to have a Lasting Power of Attorney for financial matters come into effect earlier, to act in a similar way to a General Power of Attorney.
A Lasting Power of Attorney expires after your death, when it is no longer required. However, you can choose to revoke a Lasting Power of Attorney earlier, should you wish, providing you have the mental capacity to do so. There are also certain circumstances which may render a Lasting Power of Attorney void:
* Unless the document states that the Lasting Power of Attorney can continue in these circumstances
** Donor refers to the individual for whose matters the Lasting Power of Attorney relates to (visit our Lasting Power of Attorney glossary for more useful information like this)
Setting up a Power of Attorney is a crucial step in safeguarding your future and ensuring your wishes are respected, especially if you become unable to make decisions for yourself.
Our team of solicitors can offer expert guidance and services when the time comes for you to consider a Power of Attorney. We understand the sensitivity and discretion required when handling these important matters and we are committed to providing personalised care to each and every client. You can find out more about our team and the firm itself here, including our values and our mission.
Why should you use a solicitor for a Lasting Power of Attorney?
Contact us today at 03300 167 847 or fill in our online contact form. We are more than happy to guide you through the process, ensuring your future decisions and wishes are protected with a properly executed Power of Attorney.
