Powers of Attorney
Many people find themselves in a position where they feel they cannot manage their personal finances and affairs. This could be for one the following reasons:-
- Going into a nursing home due to physical or mental deterioration
- Advancing age where you may not want to have the trouble of managing your own affairs
- Travelling abroad
- Going into hospital for a short period
Prior to 1st October 2007, it was possible to appoint someone you trusted (your attorney) to manage your finances for you under an Enduring Power of Attorney (EPA). This allowed your attorney to manage your finances for any of the above reasons, and it would continue even if you lost your mental capacity.
After 1st October 2007, it is no longer possible to make such a document, although existing EPAs will remain valid.
What options do I have after 1st October 2007?
After 1st October, it is possible to make one of the following Powers of Attorney:
- Ordinary Powers of Attorney– there are a couple of types of these documents, depending on your individual circumstances. These allow your attorney/s to manage your property and finances for you generally. They will continue for the period of time specified in the document or until they are formally revoked. They will automatically come to an end if you lose your mental capacity
- Lasting Power of Attorney – this is a useful way of appointing an attorney to look after your finances and property or to make decisions about your health and welfare for you and it will continue, even if you lose your mental capacity (please see separate article for more information)
Contact us on one of the following numbers for further information:-
Middlesbrough 01642 230700
Ingleby Barwick 01642 754050
Coulby Newham 01642 233980
