You need to be confident that your Attorney will act in your best interests and that they will be able, and have the time, to carry out the tasks involved.Īs you can see the implications vary as to whether the POA is pre or post 2007 & whether the Court of Protection has been involved. It is paramount that you take extreme care when deciding on the appointment of your Attorney. The person or persons you appoint to act for you are called your Attorneys. Two forms of LPA exist one is a Property and Affairs LPA and the other is a Personal Welfare LPA. An LPA has to be registered with the Office of the Public Guardian before it can be used.
This would be in place for such time in the future when you may lack the mental capacity to make those decisions yourself. This includes aspects of your life such as your property and affairs or personal welfare. Lasting Powers Of Attorney are legal documents that authorise someone whom you trust to make decisions on your behalf. Nevertheless, if a valid EPA was already in place it needn’t be revoked & replaced with a new LPA, unless there was a wish to change the appointment of the Attorney. However, since 1st October 2007 it is no longer possible to create a new Enduring Power of Attorney as EPA’s have since been replaced by Lasting Power of Attorney’s (LPA’s). Post incapacity, if no EPA was in place it could take months to get the Court of Protection to issue a POA, thus delaying any potential equity release plan. This could be placed in operation prior to any onset of any incapacity with the permission of the party concerned.
#Home equity drawdown registration
Prior to 1st October 2007, an Enduring Power of Attorney (EPA) was the registration document that was put in place to manage the affairs of someone who was lacking in mental capacity. However, there needs to be an understanding of what type of Power Of Attorney (POA) is in force, when it was taken out & whether the Court of Protection have been involved in registering the document. The simple answer to this question is YES.
Checked for accuracy and updated on 28 June 2023
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