Powers of Attorney allow an individual or a company or partnership to donate their power to do something to another person or body corporate.
However, in day to day life these are used by individuals to allow others to deal with their affairs whether personal or in business in their absence. There are 3 different types of powers of attorney:
- a general power of attorney to deal with financial affairs
- a lasting power of attorney to deal with financial affairs and property
- a lasting power of attorney to deal with health and welfare
The general power of attorney is ideal where a power of attorney is either need for a specific task or for a short period, i.e. whilst you are on holiday etc. The general power of attorney ceases to have any validity as soon as the person who created it loses mental capacity. If a personal power of attorney is required to in effect for a long period of time, then we would recommend a lasting power of attorney.
On preparation of a power of attorney you need to give careful consideration as to whom the power is being given, especially as relationships can change over time. Here at Hatten Wyatt, if you chose to appoint a Partner as the recipient under the power of attorney, they have the experience in dealing as an attorney and will always act in your best interests
Some clients have enduring powers of attorney, which predate October 2007 and consequently remain in force until the death of the donor or until revoked by the donor.
If you require any further information then please feel to contact our private client department.
