Power of Attorney
A general power of attorney also known as an ordinary power of attorney is a document that allows one person (the donor) to give another (the attorney) power over their financial affairs.
The general power must be in writing and signed by the donor. It must be witnessed.
It is often used for specific reasons ie if the donor goes on a very long holiday the attorney can manage finances whilst they are away, if a house sale is due to complete whilst the donor is out of the country the attorney can sign paperwork on their behalf but it can be as far reaching or limited as the donor wishes.
General powers of attorney are not subject to time restrictions but the power they give can be limited to particular issues which need to be resolved.
They are not a permanent fix to ensure that someone is always available to provide financial support and assistance. These powers can only be used whilst the donor retains capacity. The power given to the attorneys will stop when the donor loses capacity.
If you do fancy that trip of a lifetime make sure you have temporary cover with an attorney back home for the just in case. Argo can help with that! We charge £200 plus VAT for the completion of a general power of attorney.