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As we enter in to more concerning and difficult times, we think more about ours and our family’s health and welfare and managing our affairs for the sake of our loved ones.
Being able to have the power to assist and help our family and friends at times when they are unable to do so is key.
Lasting Powers of Attorney can help you to do just that!
Ordinary power of attorney
This covers decisions about your financial affairs and is valid while you have mental capacity. It is suitable if you need cover for a temporary period (hospital stay or holiday) or if you find it hard to get out, and you need someone to act for you.
Lasting power of attorney (LPA)
An LPA covers decisions about your financial affairs, or your health and care. It comes into effect if you lose mental capacity, or if you no longer want to make decisions for yourself. You would set up an LPA to ensure that your affairs can be taken care of on your behalf by someone you trust and you appoint.
Enduring power of attorney (EPA)
EPAs were replaced by LPAs in October 2007. However, if you made and signed an EPA before 1 October 2007, it should still be valid. An EPA covers decisions about your property and financial affairs, and it comes into effect if you lose mental capacity, or if you want someone to act on your behalf.
An ordinary power of attorney allows one or more person, known as your attorney, to make financial decisions on your behalf. It's only valid while you still have the mental capacity to make your own decisions. You may want to set one up if, for example:
you need someone to act for you for a temporary period, such an as when you’re on holiday or in hospital, you’re finding it harder to get out and about to the bank or post office, or you want someone to be able to access your account for you and you want someone to act for you while you’re able to supervise their actions. You can limit the power you give your attorney so that they can only deal with certain assets, for example, your bank account but not your home.
An ordinary power of attorney is only valid while you have the mental capacity to make your own decisions. If you want someone to be able to act on your behalf if there comes a time when you don’t have the mental capacity to make your own decisions, you should consider setting up a lasting power of attorney.
If you’re married or in a civil partnership, you may have assumed that your spouse would automatically be able to deal with your bank account and pensions, and make decisions about your healthcare, if you lose the ability to do so. This is not the case. Without an LPA, they won’t have the authority unless, so far as financial decisions are concerned, all your accounts are in joint names.
If you would like help or assistance with setting up a Power of Attorney, please contact us. We can take detailed instructions over the phone and or by e-mail. We can provide you with detailed instructions on how the documents must be signed and filed with the Office of the Public Guardian.
Authorised and regulated by the Solicitors Regulation Authority.Hugh-Jones LLP is a limited liability partnership registered in England and Wales (registered number OC357903, registered office as above) and is authorised and regulated by the Solicitors Regulation Authority. Any reference to partner in relation to Hugh-Jones LLP is to a member of Hugh-Jones LLP. "The word 'partner' is used to refer to a member of the LLP or an employee or consultant with equivalent standing/or qualification."