News & Insights
New rules for powers of attorney set to come into force
Anne Elliott, partner at Darlington law firm Latimer Hinks is urging everyone to act now before a crucial law change comes into force.
Under legislation, which becomes operative in October 2007, no-one will be able to sign Enduring Powers of Attorney, which are being replaced by Lasting Powers of Attorney. Anne Elliott said: The Enduring Power of Attorney is a very simple document, which allows you to appoint someone to act on your behalf, for example in relation to financial matters, or property matters.
Your attorney can act on your behalf even if you lose your mental capacity. For that reason, it has been popular among people who want someone they know and trust to look after their affairs if and when they perhaps become frail and elderly.
The Lasting Powers of Attorney are going to be more complicated, involved, expensive and will need to be registered before they can be implemented. You are looking at inevitable delays, expense and complexity. The forms themselves are much longer and much more complex. Act now, before October. Any Enduring Power of Attorney signed before 30th September will be valid and operative even after that date.
