Power Of Attorney - Financial Property & Affairs
Posted on 4th October 2021 at 11:03
Power of Attorney is a legal document granting authority to another to perform specified acts to handle the financial affairs on behalf of another due to physical or mental incapacity.
Medical Power of Attorney allows someone else the right to make decisions for you if / and when you are unable or incompetent to make such decisions yourself. For example, should you have a stroke and are unable to communicate, the nominated person can make decisions about your financial affairs.
As a nominated attorney, you can make or help the donor make decisions regarding their:
✔ money, tax and bills
✔ bank and building society accounts
✔ property and investments
✔ pensions and benefits
An Attorney can use the donor’s money to look after their home and buy anything they need day to day (for example, food).
Before an Attorney is able to manage the bank account, the bank must be shown the original registered lasting power of attorney (LPA) or a copy of it, signed on every page by the donor, solicitor or notary.
The donor’s finances should remain separate, unless there is already something in both names such as a joint bank account or a home jointly owned together.
*PLEASE NOTE - The Office of the Public Guardian are now stating it could take up to 20 weeks to register Lasting Powers of Attorney - This has increased from 12 weeks, pre-pandemic (note added 04/10/2021)
Customer Testimonial - "Hi Steve, just a note to say how glad and grateful we are that you managed to persuade Dad to do his Powers of Attorney, if he hadn't have done, we would have had loads of problems."
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Tagged as: finance & property, financial affairs, lasting power of attorney, LPA, Office of Public Guardian, OPG
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