Our legal and financial affairs are something that follow us throughout our lives, from the moment we open our first bank account to the composition of our final will and testament. These official documents allow us to make important purchases and keep our assets protected throughout our lives, where they can then be passed on to our descendants or named beneficiaries after death.
A key part of this process is the ability to appoint a power of attorney to take care of these matters on your behalf, where this person could be a trusted friend, family member or solicitor. Read on to find out more about powers of attorney, with an overview of the different types you can choose to instate.
Ordinary Power Of Attorney
An ordinary power of attorney is a legal document that allows a nominated person to act on your behalf in order to manage your affairs for a temporary period of time. This is viable so long as you have the mental capacity to make your own decisions.
There are many reasons why you may choose to set up an ordinary power of attorney. You could do this if you are in hospital for an extended period or if you’re out of the country on a holiday. It can also be useful if you’re having difficulty managing your affairs on your own but you still wish to supervise how things are being handled. This authorisation allows you to limit the powers this nominated person has, so you can still control some of your assets if you wish.
Lasting Power Of Attorney
In contrast, lasting power of attorney (LPA) is a more thorough way of handing over responsibility for your affairs. This can be initiated if you lack the mental capacity to manage your assets, or if you feel unable to do so. There are two key types of LPA, where these include:
Health, Welfare & Care – Where this allows your attorney to make decisions about your daily welfare, your medical treatment and whether you need to be relocated to a care home facility. This is used only if you are unable to make these decisions for yourself.
Property & Finances – Where this allows your attorney to make decisions on your behalf concerning money and property assets. This could include handling your bank accounts, selling your estate or managing your pension.
Richards & Lewis: Wills And Probate Solicitors You Can Trust
At Richards & Lewis, we can offer power of attorney advice as well as general will and probate support to help you to get your affairs in order. In addition to this, we can also offer fixed fee conveyancing and family law mediation support. Get in touch with us today to find out more about how we can help.
