5 types of Power of Attorney

People often talk about a having Power of Attorney in place, or needing to make one. However what people don’t often realise are that there are different types of Power of Attorney and which you require will all depend on your circumstances.

The five most common Powers of Attorney are:

Lasting Power of Attorney for Property & Financial Affairs

This document allows you to appoint someone to act on your behalf in making decisions about your financial affairs, if for any reason in the future you are unable to make these decisions yourself.

This document can be used by your attorneys regardless of your mental or physical capacity.

Lasting Power of Attorney for Health & Welfare

This document allows you to appoint someone to act on your behalf in making decisions about your health, including where you should live, what time of care you require, whether you need medical treatment, and even whether to give or refuse consent t life sustaining treatment.

This document can only be used by your attorneys if you lack the mental capacity to make that decision yourself.

Enduring Power of Attorney

Enduring Powers of Attorney can no longer be entered into but ones which already exist are still valid. These documents were replaced by the Lasting Power of Attorney for Property & Financial Affairs and allow your chosen attorney to act on your behalf in dealing with financial affairs.

General Power of Attorney

A General Power of Attorney allows you to appoint someone to act on your behalf usually in relation to a specific event or for a specific period, for example, to deal with one particular bank account whilst you are on holiday

Business Power of Attorney

Having a Business Power of Attorney in place means that you can ensure that in the event of your mental incapacity, someone can deal with managing your business to either ensure it continues in your absence or deals with closing the business on your behalf

For further information, please do not hesitate to contact Lauren Smith – Partner and Head of Wills, Probate and Trusts on 0114 3990096 or email lauren@taylorbracewell.co.uk