Lasting Power of Attorney was a topic of our seminar conducted by Ian West and Neil Acheson-Gray last week. Carter Lemon Camerons hosted four weekly seminars in November covering letting your property, wills and inheritance tax. Ian and Neil spoke about types of powers of attorney and its benefits.
Lasting Power of Attorney – What is it?
A Lasting Power of Attorney is a legal document that allows you to appoint other people to make decisions on your behalf including when you lack mental capacity to make the decision yourselves.
There are two types of Lasting Power of Attorney.
- Financial decisions: allowing an attorney to make decisions about paying bills, dealing with the bank, collecting benefits, selling your house, etc.
- Health and care decisions: allowing decisions on treatment, care, medication, where you live, etc.
The Lasting Power of Attorney forms are divided into 3 parts; this note will explain each part. Both forms are very similar with minor changes to the Health and Welfare form concerning your health.
Benefits of Lasting Power of Attorney
The concept of a power of attorney which was capable of surviving the incapacity of the grantor was a welcome addition to the means by which an application to the Court of Protection could be avoided.
A duly appointed attorney under a registered Lasting Power of Attorney has wider powers and is chosen by the Grantor.
A Deputy appointed by the Court of Protection is not chosen by the person under disability and can only act within the powers prescribed. It is more expensive, more intrusive and takes longer.
A Lasting Power of Attorney once registered is available immediately the need arises
Lasting Power of Attorney for business
Those who are the driving force behind any business enterprise, be it a trading or investment company or a professional partnership, are likely to be more prone to temporary absence or permanent incapacity leaving the business rudderless and drifting.
A Lasting Power of Attorney aimed at filling this void is something any businessperson should consider. It would be tailored specifically to business decisions and would be granted to someone with intimate knowledge of enterprise, ideally jointly with a family member.
Lasting Powers of Attorney – Contact us for Legal Advice
Contact our team in Carter Lemon Camerons Solicitors for advice on lasting powers of attorney. The specialist team at Carter Lemon Camerons Solicitors can assist you with a wide range of matters including commercial and residential conveyancing; lease extensions and obtaining probate, administration of estates, as well as drafting, forming administering trusts and preparing Powers of Attorneys for all kinds including Lasting Powers of Attorney. For more details, please contact Ian West or Neil Acheson-Gray, partners in our Private Client team at Carter Lemon Camerons or call us on +44 (0) 20 7406 1000.