Guidance For Financial Organisations
Have you ever considered what would happen to your home and savings if you struggled or became physically or mentally incapable of looking after your personal and financial affairs?
We can provide you with effective legal advice. Our fast, reliable and efficient service is helpful and friendly. We offer sensible and competitive legal fees.
From time to time, financial organisations will come across different powers of attorney. This guidance has been prepared by Solicitors for the Elderly, a national association of lawyers whose members specialise in advising older and at risk clients.
Call FREE on 0800 3 10 11 12 Or Contact Us Online
Types Of Powers
There are three types of powers of attorney that can be used in England and Wales:
- An Ordinary power, which is made under the Powers of Attorney Act 1971 and will end if the maker of the power subsequently loses mental capacity. If the document includes the power to delegate trust powers the authority in respect of these powers is limited to a 12-month period.
- An enduring power, made before the 30th September 2007, under the Enduring Powers of Attorney Act 1985. These powers can be used as an ordinary power where the maker has mental capacity, and survives any subsequent mental incapacity of the maker, provided it is registered at that stage either with the court of Protection (if the registration occurred before 30th September 2007) or the Office of the Public Guardian (if registered after 1st October 2007).
- A property and affairs lasting power of attorney, made after the 1st October 2007, under the Mental Capacity Act 1005, which must be registered with the Office of Public Guardian before it can validly be used. Unlike the enduring power, registration does not indicate that the maker of the power lacks mental capacity either the donor or the attorney will be able to sign unless the power indicates otherwise.