Power Of Attorney
If you seeing a solicitor to make or re-make your will you might like to consider a power of attorney. Essentially this is a document that allows you to appoint someone to make decisions on your behalf even if you still have the mental ability to do so yourself. Examples might be where you are physically disabled or if you plan to be overseas for any length of time.
From 1 October 2007 a new lasting power of attorney comes into force consisting of two different types:-
• Property and Affairs LPA that allows you to choose someone you trust to make decisions about how to spend your money and the way your property and affairs are managed. Once registered and unless you have put a restriction on it, this type of LPA can be used by your attorney(s) straight away.
• Personal Welfare LPA allows you to choose a person to make decisions on your behalf relating to your personal healthcare and welfare including decisions to give or refuse consent to treatment on your behalf and deciding where you live. These decisions can only be taken on your behalf when the LPA has been registered and you lack the capacity to make the necessary decision for yourself.
Unlike its predecessor, the enduring power of attorney, lasting powers of attorney must be registered with the Office of the Public Guardian to be effective. Any enduring powers of attorney in existence pre 1 October 2007 don't need to be altered.
See http://www.publicguardian.gov.uk for more information and the forms required.
As with wills, Isis Financial Planners Limited can't arrange a LPA for you, but we will advise you generically about them and whether they are good idea for you.
Please contact us for more information.
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