With more and more people living longer, there is an increasing risk that they become unable to make financial decisions or manage their affairs.
Since October 2007 it has not been possible to form enduring Power of Attorney, this had been replaced by Lasting Power of Attorney. It is possible to have joint attorneys to manage over affairs. Lasting Power of Attorney should be applied for before the “Donor” losses his or her facilities; and the Donor and at least 3 of their relatives must be notified of the intention to request the LPA.
The normal priorities would be:
· Donors Husband/Wife/Civil Partner anticipates
· Donors Children
· Donors Parents
· Donors Brothers and sisters
There are others relatives who may be required to be notified if there are no immediate family members.
In addition when making out the Lasting Power of Attorney; the proposed Attorneys should also ensure that the power has an up to date will.
Goddards Accountants Disputes Division can assist with all these matters.