Have you ever wondered what could happen if you find yourself unable to make a decision about your financial or personal future? If so read on, as Prestige Tax and Trust Services explains how to make a lasting power of attorney.
Why do you need a power of attorney?
Things change. A time in your life may come where you find yourself no longer able to manage your personal or financial affairs. At this point in your life you’ll need to appoint somebody to make these decisions on your behalf.
That’s why Prestige Tax and Trust Services believes that everybody needs to make a power of attorney. This is a legal document which gives you the ability to appoint one or more people (attorneys) to make decisions on your behalf or help you make decisions.
Why a lasting power of attorney
You may have heard that there are two types of power of attorney under UK law. Enduring and lasting. Why should you make a lasting power of attorney as opposed to an enduring power of attorney?
Basically enduring power of attorney was replaced with lasting power of attorney as of October 2007. The only difference between enduring power of attorney and lasting power of attorney was that the former, once signed by all parties, could be used straight away, whilst the latter needs to be registered with the Office of the Public Guardian (OPG) before it can be implemented.
Guide to making a lasting power of attorney
Therefore if you wish to make a power of attorney you have no choice, as of October 2007, but to make a lasting power of attorney. It’s a straight forward process:
- Download and fill out a Lasting Power of Attorney (LPA) form. Download the form here. If you can’t fill out the form online you can ask for it to be posted to you.
- Print the LPA form out and sign it.
- Get your witnesses and appointed attorneys to sign the LPA form.
- Complete the registration form, also available online from the same place as the LPA form (you can also ask for this to be posted to you) and pay the £110 registration fee. Then send to the OPG.
- The OPG will return the LPA form stamped and registered so you can use it as and when you need it.
Prestige Tax and Trust Services
If you want to make sure you’re able to make a lasting power of attorney come to Prestige Tax and Trust Services. We have the legal expertise to help you make a lasting power of attorney, as well as stop a power of attorney so you can ensure the right person has the power to make decisions on your behalf should you no longer be able to make them yourself.