A power of attorney is a legal document that allows someone else to make decisions and take actions on your behalf. This can be useful if you become unable to make decisions for yourself, for example, due to illness or injury. In this blog post, we will explore the different types of powers of attorney and their uses.
The three types of powers of attorney are:
- Ordinary Power of Attorney
- Lasting Power of Attorney (LPA)
- Enduring Power of Attorney (EPA)
An Ordinary Power of Attorney is a legal document that allows someone to act on your behalf for a specific time period, such as while you are abroad. It can be used to manage your finances, such as paying bills, selling property, and managing investments. An Ordinary Power of Attorney is only valid while you have the mental capacity to make decisions for yourself.
A Lasting Power of Attorney (LPA) is a legal document that allows someone to make decisions on your behalf if you become unable to make decisions for yourself due to illness, injury, or mental incapacity. There are two types of LPA: Property and Financial Affairs LPA and Health and Welfare LPA. The former allows the appointed person to make decisions about your finances and property, while the latter allows them to make decisions about your health and welfare, such as where you live and what medical treatment you receive.
An Enduring Power of Attorney (EPA) was a legal document that allowed someone to manage your finances if you became unable to do so. However, EPAs are no longer valid as they were replaced by LPAs in 2007. If you made an EPA before 1 October 2007, it will still be valid.
To create a power of attorney, you must be over 18 and have the mental capacity to make decisions for yourself. You must also choose someone you trust to act as your attorney. This can be a family member, friend, or a professional such as a solicitor.
To create an LPA, you must register it with the Office of the Public Guardian (OPG). The registration process can take up to 10 weeks. You can register an LPA while you still have mental capacity, but it cannot be used until you lose mental capacity.
It is important to choose your attorney carefully and ensure that they understand your wishes and preferences. You should also review your power of attorney regularly to ensure that it still reflects your wishes and circumstances.
In conclusion, a power of attorney can be a valuable tool to ensure that your affairs are managed if you become unable to make decisions for yourself. There are different types of powers of attorney, and it is important to choose the right one for your circumstances. It is also important to choose your attorney carefully and keep your power of attorney up to date.
If you need help creating a power of attorney, call Georgina Hardman on 0161 850 9911.