Powers of Attorney & Court of Protection
Power of attorney documents allow you to nominate a person or people to deal with your affairs on your behalf.
A general power of attorney is a straightforward document related only to your financial affairs. A general power of attorney is limited in use as it will not survive if you lose your mental capacity to deal with your own affairs.
Enduring and lasting powers of attorney are more complex but they continue even after the loss of capacity, making them more flexible and more useful on a long term basis. Enduring powers of attorney were replaced in October 2007 by lasting powers of attorney and no new enduring powers of attorney can now be created. If, however, you have an enduring power of attorney that pre-dates the October 2007 changes then it continues to be valid until the death of the donor.
If you do not have a power of attorney in place and you lose your mental capacity a deputy will be appointed to act on your behalf by the Court of Protection. This is a more complex, and therefore expensive, process than putting in place a power of attorney and it can lead to somebody that you would not have chosen to act for you being named as your deputy.
- Executor and Attorney Convicted of Theft The folly of appointing the ‘wrong’ person to be an attorney or executor has been exemplified recently by two cases in which an attorney and an executor were both convicted of misappropriating assets. In the first instance...
- Joint Accounts and Mental Capacity If you are concerned about the future mental capacity of a relative or any other person with whom you have a joint bank account, it makes sense to consider setting up the appropriate power(s) of attorney. The British...