A crucial decision to get right, appointing your Power of Attorney will depend on a few key factors. First; they must be over 18 years old, and have the mental capacity to make important financial and/or health decisions in the future, should you no longer be able to make these decisions yourself. You should trust your Power of Attorney wholly, particularly if they are trusted with the role of lasting power of attorney, taking care of your affairs on a permanent basis.
Often, the Power of Attorney privilege is offered to one individual, but it can also be shared amongst a handful of people, with this decision entirely up to you. You can even appoint a joint power of attorney to handle your finances, but assign your property decisions to a specific individual, it really is down to what you believe is best for your affairs in the long term.
Types of Power of Attorney
Generally speaking; there are three primary types of power of attorney services, lasting (LPA), enduring (EPA), and ordinary power of attorney. Let’s take a closer look at each type in greater detail:
Ordinary Power of Attorney
Designed purely to cover important decisions over financial affairs and ideally suited for those suffering from a temporary or mild illness, but with full mental capacity, ordinary power of attorney services can be implemented at any stage. Better served for temporary periods rather than as a long-term solution, an ordinary power of attorney can really be utilised by anyone, and is particularly helpful when financial affairs need attention but you are otherwise unavailable or incapacitated.
Lasting Power of Attorney (LPA)
Covering both decisions surrounding your financial affairs and your health and care, lasting power of attorney will only come into effect should you lose your mental capacity, or have decided you no longer wish to make decisions for yourself. A lasting power of attorney will cover you in the future, ensuring your affairs are continually handled even if you are unable to make decisions yourself.
Enduring Power of Attorney (EPA)
Replaced by LPA, an Enduring Power of Attorney will still be valid should you have made and signed the agreement before October 1st 2007. Much like a lasting Power of Attorney, an EPA is in place to cover property and financial affairs in the event you have become mentally incapacitated, or if you have decided you wish for someone else to handle your affairs.
Seeking Power of Attorney services? At Richards & Lewis, we’re proud to offer honest advice based on years of experience and expertise in the Power of Attorney process. We aim to provide you with the tools you need to handle this responsibility with confidence while being affordable and cost-effective for your needs. If you need Power of Attorney services, get in touch today.