Property And Affairs Lasting Power Of Attorney
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Property And Affairs Lasting Power Of Attorney Overview
A person may at some stage in their life struggle to deal with their property and financial affairs either due to physical or mental difficulties. Physical reasons include struggling to carry out certain tasks such as walking any distance, talking over the phone or being hard of hearing. This can include being out of the country for periods of time and authorising someone to take care of your finances.
Mental reasons could include a person becoming forgetful and not remembering things so easily or becoming confused with certain matters. They might even develop problems such as Alzheimer’s or some other mental illness and could therefore possibly lose their mental capacity.
It should be noted that it is more difficult to create a Lasting Power of Attorney should your current mental capacity deteriorate and likely to be challenged. It is always advised to prepare for this outcome and make a Lasting Power of Attorney in advance.
What A Property And Affairs Lasting Power Of Attorney Can Deal With
A Property and Affairs Lasting Power of Attorney can deal with all aspects of a person’s financial affairs including handling their bank accounts and savings, buying and selling property (including their home), paying bills including care home fees, closing down and winding up a business.
What A Property And Affairs Lasting Power Of Attorney Cannot Deal With
Property and Affairs Lasting Power of Attorney cannot apply to various matters including the following:
– Personal welfare decisions
– Making gifts
– Making a will
– Consent to marriage or divorce.
If you require a legal document to apply to any of the above matters, please contact us for more specific advice.
Using A Property And Affairs Lasting Power Of Attorney
An Attorney cannot act or use a Donor’s Property and Affairs Lasting Power of Attorney until it has been registered with the Office of the Public Guardian. This is done to protect the Donor and ensure that it is not being made under duress.
A Lasting Power of Attorney can only be used in accordance with the terms and conditions that the Donor has imposed within. A Donor can specify a number of restrictions to be included in the Lasting Power of Attorney. If you have any particular requirements, please do not hesitate to contact us and we can clarify the legal position for you.
We can discuss your requirements and let you know the best way to proceed forward. We will advise whether it is more appropriate to have a Property and Affairs Lasting Power of Attorney or a Health and Welfare Lasting Power of Attorney, or even both.
You can leave the matter with us and after obtaining the relevant information we will draft the necessary forms and send them to the Office of the Public Guardian. We will answer any queries you have in relation to the Power of Attorney and ensure that you understand what is happening and keep you updated with the progress.