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Ever since 1st October 2007, it has no longer been possible for a person to execute a document known as an Enduring Power of Attorney. That document, which had been in existence since 1985, was a simple but very powerful four-page document in which a person, known as a Donor, could appoint someone, known as an Attorney, to look after their property and financial affairs in the event that they ever became mentally incapable of doing so themselves, for whatever reason.
The only way in which a person can now voluntarily appoint someone else to deal with their property and financial affairs, in the event of their mental incapacity, is to execute a document known as a Property and Affairs Lasting Power of Attorney. This document is much longer and more complicated than the Enduring Power of Attorney it replaced.
However, if a person did not execute an Enduring Power of Attorney before 1st October 2007 and subsequently becomes mentally incapable of managing their own affairs without having executed a Property and Affairs Lasting Power of Attorney, the only option available to anyone close to them who wishes to manage their property and financial affairs is to apply for a formal Order from a special Court in London known as the Court of Protection. Such applications are complex and involve considerable cost, time and stress.
Making a Property and Affairs Lasting Power of Attorney is therefore, in our experience, very much the preferred route for a person who wants to safeguard their position with regard to their finances in the event of them becoming incapable in the future.
The care, consideration and advice given to my dad and myself has been excellent. Many thanks
It is also possible for a person to execute a document called a Health and Welfare Lasting Power of Attorney. This is a document in which they can appoint someone to act as their Attorney to make decisions in relation to their health and welfare issues rather than their property and financial affairs.
We can prepare either type of Lasting Power of Attorney for you both quickly and efficiently. Alternatively, if necessary, we have years of experience of making a full application for Deputyship Orders to the Court of Protection.
Please note that we are not able to advise you on the tax aspects of the transaction. You must take appropriate advice from an accountant or other appropriate advisor regarding how this matter affects your tax position.
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