A Power of Attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other.
In the UK, a Lasting Power of Attorney can be granted by a person so that a trusted individual or group of individuals has the power to act on your behalf either financially or in respect of your health care.
The financial lasting power of attorney might cover everything from who is allowed to make payments on your mortgage, manage your financial affairs, pay bills or arrange property affairs.
You might assume that if your were taken ill or involved in an accident, your financial affairs would carry on regardless whilst you were incapacitated. This is not the case. It is therefore worthwhile considering the grant of a lasting power of attorney just in case you were to be unable to manage your affairs during an illness.
Related Blog articles:
- Who Would Have Control of My Finances if I was Incapacitated?
- What Happens if I don’t have a Will?
- What Happens if Someone Dies Without a Will?
For more information speak to an estate planning adviser on 01628 507477 or contact us .
Recent posts
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
Pros and Cons of Equity Release
15 days ago
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
Your House Viewing Checklist
16 days ago
It’s important to ask questions about the property you are interested in before taking that step to make an offer. A little probing can make all the difference between buying your dream house or something that requires a lot of work.
Half of over 60s predicted to benefit from accessing housing wealth through Equity Release
19 days ago
There are millions of homeowners over the age of 60 who are likely to release money from their homes to pay for their lifestyle during retirement giving those who are 'asset rich but cash poor' a way to live out their retirement the way they wish.
Average Age of the First Time Buyer in the UK
26 days ago
The average age of a first-time buyer in the UK is two years older than 10 years ago. This is understandable with managing the cost-of-living and challenges within the economy such as high interest rates making it difficult to get onto the property ladder.
Delayed Start Mortgage from Skipton
28 days ago
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
More information
Trusted by
