Appointing a Power of Attorney allows you to nominate someone (or several people) to manage your assets and act on your behalf. This encompasses anything you can lawfully do yourself, such as paying bills from your bank accounts or selling your property, though you may stipulate in your Power of Attorney document, in which situations you want your attorney to act for you, and in which of those you want them to confer benefits with your assets on a third party.
If you are concerned that in the future, you may lose mental capacity, the most appropriate Power of Attorney may be one that is Enduring. If the person making the Power of Attorney (the principal) was to become of unsound mind, the Enduring Power of Attorney is still effective and can continue to manage the principal’s assets on their behalf. An Enduring Power of Attorney is granted through a certificate, signed by a prescribed person such as a solicitor, which verifies the principal understood the nature and effect of the document at the time of signing.
Appointing a Power of Attorney is not a decision to take lightly. It should be someone you trust and over the age of 18. This can include your spouse, child or children, or other significant person. You can revoke the appointment of your attorney at any time (as long as you still have mental capacity to do so), in writing or verbally. If the Power of Attorney is registered at the Land Registry Service, the Power of Attorney can only be revoked in writing. It is mandatory in order to deal with property matters, including selling your home to register a Power of Attorney at the Land and Registry Service (LRS). A Power of Attorney is automatically revoked upon their death of the principal.
Contact Fred Kalouche & Associates on 02 8062 6300 if you have further questions regarding appointing a Power of Attorney, or your rights and responsibilities as one.