Why you might need a Power
of Attorney
What is a Power of
Attorney?
A Power of Attorney is a legal
document which gives someone else the right to do things on your behalf, for
instance if you are out of the country or are infirm and need help to do these
things. It is possible to make a special kind of Power of Attorney which will
last as long as you live, whether you are able to manage your own affairs or
not.
These 'Enduring Powers of
Attorney' allow you to appoint one or more members of your family or friends to
look after your affairs for you. You can even appoint an Attorney for selling a
house. We can advise you what kind of Power is needed for your own situation.
Q : Does this mean I lose
control of my affairs?
A : No. The powers you
give to your Attorney are in addition to your own powers. You can still do
everything personally but if it is inconvenient to you to do this, your attorney
can do it for you instead, for example paying bills or going to the Building
Society for you.
Q : Does my Attorney have to
control everything for me?
A : No. You can limit
their action to one thing, for example to dealing with the sale of your house,
or can give them general power to do anything on your behalf.
In fact, most people find it more
convenient not to limit the Attorney's powers.
Q : Can I keep track of how
the Attorney is using my money?
A : There are strict rules
as to how Attorneys can use your money to prevent any fraud. You will be able to
keep track of your money through passbooks or statements in the usual way.
Q : Are there any
special formalities?
A : Yes. The form of the
Power of Attorney is set out by Law, and certain procedures have to be followed.
However, if you ask us to prepare the document for you, the trouble to you is
kept to a minimum.
There is an additional advantage
in that normally, if a person becomes mentally incapable of managing their own
affairs an application has to be made to the Court of Protection to appoint a
Receiver before anyone else has power to deal with their affairs for them. This
can be both a relatively lengthy and costly process. However, if that person has
made an Enduring Power of Attorney, the Attorney just has to register that power
with the Court for the duration of the illness, saving time and cost.
Q : So how much will it cost
me?
A : At the moment*, we can
prepare an Enduring Power of Attorney for £100.00 plus V.A.T. We will go through
it in detail with you and the Attorney to make sure you both know what is
involved.
