There comes a time in life, when you may want others to make decisions you would previously have made yourself. There are two types of Lifetime or Lasting Power of Attorney, one relates to your property and affairs, and the other your personal welfare. The second one gives directions as to how you would like to be treated in hospital if you were unable to advise. The first one allows another person, (or persons) your attorney, to act on your behalf in dealing with organisations like banks or building societies, and making transactions you would have previously made.
Typically, most people will appoint their spouse firstly as an attorney, then children. Nowadays, the whole procedure has to be stamped and approved by the office of the Public Guardian. To set up a Lifetime Power of Attorney, you should be of sound mind, and not have lost mental capacity already. Kendal Wills offer a fixed price service when setting up these important documents.
So why do you need these documents?
If you are unable to make financial transactions yourself, financial institutions like your bank or building society will not automatically deal with a family member or relative on your behalf. The Lasting Power of Attorney clearly shows who you have appointed to deal with such matters. The Health and welfare Lasting Power of Attorney allows your attorneys to give instructions to the doctors looking after you, regarding your treatment in hospital, with the same authority that you would have previously.
It should be stressed that both documents are used while you are still alive. Lasting Powers of Attorneys replaced the old “Enduring Powers of Attorneys” and include more checks to help avoid fraudulent use by family members.
The documents have to be registered by the Office of Public Guardian. The cost is £110 per document. This takes around two months, so it is wise to start early. We strongly recommend setting these documents up well before the need arises.
The Office of Public Guardian offers reductions in their registration fees in cases of financial hardship, which we are pleased to advise on.
Ring us now on 01539 728020 for more information.