A Lasting Power of Attorney (Property and Financial Affairs) can be used by your chosen attorney(s) as soon as it is registered with the Office of Public Guardian (OPG). Subject to any restrictions with the document, the Lasting Power of Attorney will enable your attorneys to pay bills, have access to bank/building society accounts, collect benefits such as pension payments and also, if needed, to sell your home.
Having a Lasting Power of Attorney for finances can help if you are ill, self-isolating or are otherwise restricted physically to undertake your usual financial activities. It can be used when you are still capable of making decisions as well as when you no longer have capacity.
Once the Lasting Power of Attorney has been signed by all parties, it will need to be lodged with the OPG. This usually takes about 40 days but due to the coronavirus pandemic, this could take longer.
Depending on your circumstances, it may be appropriate to create a General Power of Attorney, as an emergency measure, which will enable your attorneys to start acting immediately on your behalf. We do however recommend that people, even if they did a General Power of Attorney, should also execute a Lasting Power of Attorney and suggest a General Power should ideally only be used whilst the Lasting Power of Attorney is being registered.
For advice on all types of powers of attorney please contact our team of solicitors who are continuing to work remotely and can provide guidance and support through these difficult times.
If coronavirus has prompted you to also consider making a Lasting Power of Attorney for health and welfare, please do get in touch and we can discuss whether this would be appropriate for your own particular circumstances and find the best solution for you.
Please contact our team on 01926 354704 or email the team below.