Lasting Powers of Attorney...
A Lasting Power of Attorney is a document you complete which gives somebody of your choice the power to deal with your financial affairs, if for any physical or mental reason you were unable to, this will also continue after mental incapacity.
Who needs one?
Anyone who has assets in their sole name or owns any share in a property
Anyone who owns any investments like Tessa's or Peps or ISA's
Anyone who has Bank or Building Society accounts in their own name
You can-not complete one after the event, in the event of an accident, illness or a problem abroad:
All your assets are frozen.
Access to the assets are prohibited
There will be a delay in dealing with bills sometimes running into years.
The public Guardianship Office is the only option
A receiver is appointed and charges are incurred which can be costly ~ £10,000 in receivership fees are not unusual. A bond costing many £1000's may be required. A Receiver has to keep annual accounts of financial dealings. There are annual reviews and fees required by the court.
The Attorney's Duties
An Attorney must act in the Donor's best interest and only use the Donors money for purposes which the Donor would themselves.
The Attorney is, within reason, able to make gifts or otherwise benefit himself or other people for whom the Donor might have been expected to make provision. Having regard to the size of estate , the Attorney may make gifts of a seasonal nature or wedding gifts or donations to charities - again for those people for whom the Donor might have been expected to make provision.
Where the Donor is a trustee then in some cases the Attorney may act in his stead but every case is different and it is therefore advisable to speak with us on such case.
Unless restriction or conditions exist the power of an Attorney can start immediately that the Lasting Power of Attorney form is registered at the public guardianship office. Some Donors may prefer that a restriction be entered, allowing the Attorney(s) power to commence only on the Donor’s mental incapacity.