Power of Attorney
There are a number of reasons why you might need someone to make decisions for you or act on your behalf.
For example, if you are going into hospital, you might want something temporary in place for things such as making sure that your bills are paid. Or something longer term if, for example, you have been diagnosed with dementia.
There are two types of power of attorney:
1. Ordinary power of attorney
If you want to give someone the power to make decisions and take action in respect of your finances while you still have mental capacity, you can use an ordinary power of attorney which is a legal document giving someone else authority to act on your behalf. It is only valid while you still have mental capacity to make your own decisions about your finances.
You can limit the power you give to your attorney so that they can only deal with certain assets, for example, your bank account but not your home.
2. Lasting power of attorney
A lasting power of attorney gives someone you trust the legal authority to make decisions on your behalf, if either you’re unable to in the future or you no longer wish to make decisions for yourself.
You can make a lasting power of attorney for either financial or health and care decisions.
A financial lasting power of attorney can be used while you still have mental capacity. It gives the attorney the power make decisions such as buying and selling property, paying bills, investing money or arranging repairs to property, for example.
A health and care lasting power of attorney and is used once you have lost mental capacity. This gives the attorney the power to make decisions about where you should live, your medical care, what you should eat, for example.
Please contact us for further information.