An Ordinary Power of Attorney is a document whereby you, known as the Donor, gives one or more persons the legal authority to act on their behalf in relation to their financial affairs. By doing this you would be appointing such person or persons as your Attorney(s).
An Ordinary Power of Attorney is usually created for fixed period. For example, if you were going abroad for a significant period then you could appoint somebody to sign papers on your behalf whilst you are away. An Ordinary Power of Attorney is automatically revoked if you were to lose mental capacity.
The authority granted by the power can be general or it can be limited to specific matters.
A General Power
An Attorney acting with a general power is able to deal with all of the Donor’s personal affairs and this will include the right to make unrestricted gifts on their behalf.
A Specific Power
An Attorney acting with specific powers will be restricted to acting in specific circumstances which could include:
1. Dealing with a house purchase or sale while the owner is abroad
2. Operating a Bank Account for a sick or disabled relative
3. Actively managing a share portfolio
4. Enabling Mortgage Lenders to deal with a Life Assurance Policy, lodged with them by way of security, for loan repayment
5. Making restricted gifts
There is no requirement for an Ordinary Power of Attorney to be registered. A Lasting Power of Attorney, on the other hand, is not a valid legal document unless it has been registered for use with the Office of the Public Guardian.
We have been advising the people of Ormskirk, Skelmersdale, Wigan, Parbold, Burscough, Formby, Southport and throughout Lancashire, Merseyside and nationwide for over 200 years in relation to Powers of Attorney. Our specialist Powers of Attorney solicitors will be able to help you with your legal requirements.