Accidents happen. Illnesses come on unexpectedly. POAs can protect your property, finances, and medical care interests should you fall victim to an unfortunate event. Without one your desires may not be followed nor your assets protected. These documents are key for peace of mind and maybe an important part of your financial house. Yours and your family’s. As they help to ensure loved ones aren’t faced with emotional, costly, and time-consuming delays in the event something unfavourable occurs.
Attorney:
A person formally appointed under a power of attorney to act on behalf and in the name of another person (typically referred to as the donor or principal)
Power of Attorney:
A Power of Attorney is a Legal Document where one person gives the right to perform powers to another person. The powers they can hand over include powers of transacting in matters relating to a property, banking, legal and judicial proceedings, tax payments etc. The powers can only be transferred for specific reasons some include when someone is out of the country, cannot perform the tasks themselves for many reasons, some may be age or disability.
You can have a temporary POA (General Power) or one designed to be permanent (Lasting POA)
Types of Power of Attorney
- General Power of Attorney: A general power of attorney is a basic document that gives the attorney the power to deal with the donor’s financial affairs. It can be as wide-reaching or as limited as the donor wishes. While some practitioners distinguish between a general or limited power of attorney as distinct types of ordinary powers of attorney, the term ‘general power of attorney is now often used to mean ‘ordinary power of attorney. A general power of attorney will be automatically revoked by the mental incapacity of the donor and is distinguishable from an enduring power of attorney or a Financial Lasting Power of Attorney in this respect.
- Special or Limited Power of Attorney: The Special or Limited Power of Attorney is an authorization that permits a portfolio manager to perform specific functions on behalf of the account owner. Before signing an LPOA, the client should be aware of the specific functions they have delegated to the portfolio manager, as the client remains liable for the decisions.
Lasting Power of Attorney
A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf. This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you ‘lack mental capacity).
You must be 18 years or above and have mental capacity (ability to make own decisions) when making a Lasting Power of Attorney, you do not need to live in the UK or be a British citizen. There are Two Types of Lasting Power of Attorney (LPOA) are Health and Welfare and Property and financial affairs
Health and Welfare Lasting Power of Attorney:
Use this Lasting Power of Attorney (LPA) to give an attorney the power to make decisions about things like:
- Your daily routine, for Example washing, eating, dressing
- Medical care
- Life-sustaining treatment
- Moving into a care home
(It can only be used when you are unable to make your own decisions)
Refer to the following link for LPA for health and care decisions
LP1H Lasting power of attorney – Health and care decisions (publishing.service.gov.uk)
Property and Financial Affairs Lasting Power of Attorney:
Use this Lasting Power of Attorney (LPA) to make decisions about money and property for you, for example:
- managing a bank or building society account
- paying bills
- collecting benefits or a pension
- selling your home
(it can be used as soon as it’s registered, with your permission)
Refer to the following link for LPA for Financial Decisions
LP1F Lasting power of attorney – Financial decisions (publishing.service.gov.uk)
Make a lasting power of attorney:
You can make a lasting power of attorney (LPA) online or using paper forms.
Either way, you need to get other people to sign the forms, including the attorneys and witnesses.
You can get someone else to use the online service or fill in the paper forms for you, for example, a family member, friend or solicitor.
Refer to the following link to apply for Lasting Power of Attorney (LPOA)
Make, register or end a lasting power of attorney: Make a lasting power of attorney – (GOV.UK)
Execution of a POA
A Power of Attorney is a legal document made by the donor that gives another person (attorney) the power to act on their behalf. Power of Attorney is executed by the attorney on behalf of a person (donor) as a deed. While creating a power of attorney it should be sealed and signed in the presence of the donor of the power. Two other persons should be present at the time of power of attorney to act as witnesses.
IMPORTANT CONTACTS:
0300 456 0300
You can apply online for power of attorney on GOV.UK
Alternatively, contact the Office of the Public Guardian for an application pack:
by post at the Office of the Public Guardian, PO Box 16185, Birmingham, B2 2WH.
by phone on 0300 456 0300 – lines are open Monday to Friday, 9 am to 5 pm (Wednesday, 10 am to 5 pm)
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