Lasting Power of Attorney:
There may be times in your life when you are either unable to deal with your own monies and affairs or you no longer wish to do so. Granting a Power of Attorney enables you to appoint one or more persons to do this on your behalf.
There are two types of Lasting Powers of Attorney; Property and Affairs, dealing with finances; the other being for Personal Welfare including giving authority or refusing consent to medical treatment.
The Lasting Power of Attorney cannot be used before it is registered at the Office of Public Guardianship who makes a charge for registration. However, the fee may be waived or reduced subject to an assessment of your income.
Your signature on the Lasting Power of Attorney must be witnessed by a Certificate Provider. They confirm that you have understood the nature and extent of the Power which you are granting. A Solicitor can act as a Certificate Provider for you.
A Lasting Power of Attorney lasts even if you should become mentally incapable and can help to ease the problems which can often occur in such circumstances by allowing your Attorneys to deal with your affairs in your best interest and to be dealt with by those whom you trust.
Court of Protection:
If you have not granted a Lasting Power of Attorney but become mentally incapable and unable to deal with your own affairs, but nevertheless your financial affairs need to be dealt with, a Receiver may be appointed to act by the Court of Protection.
This can be a lengthy process as the Court of Protection are required to ensure that the Receiver is an appropriate person to carry out that duty and is generally more expensive than where a Lasting Power of Attorney has been granted. The appointing of a Receiver however may be essential if it necessary to sell your property.