Legal Jargon Buster - What's a Power of Attorney?
What is a "Power of Attorney"?
Ordinatory Power of Attorney - a legal way of giving someone else the power to manage your financial affairs when it is difficult for you to manage them yourself, perhaps because of a physical disability. Nobody can 'take' a Power of Attorney; it has to be 'donated' willingly. The Donor decides who to appoint as their 'attorney' which will be someone they trust, such as a close relative, friend or solicitor, and can cancel the arrangement at any time.
Lasting Power of Attorney - a Lasting Power of Attorney goes one step further than an Ordinatory Power of Attorney, because it carries on, or "lasts", even after you have become unable to manage your affairs, whether temporarily or permanently, or because of an illness, disability or accident. Lasting Powers of Attorney have now replaced Enduring Powers of Attorney, although valid Enduring Powers of Attorney made before 1st October 2007 can still be used.
Make sure you're safe and covered, call Lisa Nurse of our Private Client Team to discuss your concerns.