Whilst many
have heard of Lasting Powers of Attorney, fewer have heard of the General Power
of Attorney.
Whilst we strongly suggest everyone considers making a Lasting Power of Attorney, there are certain circumstances in which a General Power of Attorney may be more appropriate or certainly an intermediary option.
General Powers of Attorney can only cover property and finance matters and unlike a Health and Welfare LPA, cannot be used to grant another the power to make decisions about your care and personal matters. They can however, be far more specific as to the powers granted to your chosen attorney(s) and time-limited.
Also, unlike LPAs, a general power of attorney cannot be used once the person who gave the power has lost capacity and should this occur, any powers granted will cease.
When might I need to consider a General Power of Attorney?
1. Lasting Powers of Attorney are currently taking 4-5 months to register with the Office of Public Guardian and as they cannot be used until they have been registered, anyone that is making an LPA with an urgent need to use it may be left without assistance for a significant period of time whilst the LPA is registered. In this situation, it would be worth considering making a General Power of Attorney to allow your chosen attorney(s) to manage aspects of your finances in the intervening period.
2. If you are selling a property in England and Wales but you live or are going to be overseas for an extended period of time which would make managing the sale difficult, you can appoint a trusted person to deal with the sale on your behalf.
3. If you are going to be in hospital or under-go long term treatment and will need assistance with your day-to-day finances during this time.
4. If for any other reason you need someone to act on your behalf for a short period of time.
If you would like to discuss the option of making a General Power of Attorney or Lasting Power of Attorney, please contact Jasmin Barron on 01394277941 or at jasmin@fairstep.co.uk. Alternatively, fill out our contact form, and we would be happy to discuss your requirements in further detail.