Power of Attorney is one of those words you are familiar with but may not entirely understand. There are many things involved in giving someone else legal authority over your life, like types of power of attorney in the UK, power of attorney cost in the UK, and trust funds in the UK.
When granting legal control, you want to give someone power of attorney. But what does it mean?
Power of Attorney
There are three types of power of attorney in the UK, and with each one comes its own set of rules and regulations that need to be followed to work the way they should. These types of Power of Attorney in the UK are:
- Lasting Power of Attorney
- Enduring Power of Attorney
- and Ordinary Power of attorney
Regardless of the type of power of attorney, they do not have power over established trust funds in the UK.
Lasting Power of Attorney
Lasting Power of Attorney, or LPA, is a long-term legal agreement that appoints someone to act on behalf of another person in the event of incapacitation. An LPA can be appointed for medical and personal decisions or for property and financial decisions. The same person can be appointed for both, but you can appoint more than one person.
Enduring Power of Attorney
Enduring Power of Attorney, or EPA, is obsolete and is no longer used. However, they are still valid if an EPA was made before October of 2007. EPA’s only dealt with financial affairs and property.
Ordinary Power of Attorney
An Ordinary Power of Attorney, also known as a general power of attorney in the UK, is like an LPA because it can be used for personal or financial reasons. An OPA should only be used temporarily when the person granting a power of attorney is unwell, travelling, or injured. If the grantor becomes mentally incapacitated, the power of attorney becomes invalid.
Power of Attorney Cost in the UK
Registering power of attorney cost in the UK is approximately ￡82 for each Power of Attorney on average but can vary slightly depending on the institute and the location. General power of attorney in the UK does not cost anything for registration because registration is unnecessary.
If you are looking for help and information on general power of attorney in the UK, types of power of attorney in the UK, power of attorney cost in the UK, or trust funds in the UK, then visit Trustmark Law. See what we can do for you, especially if you are looking for experienced professionals specialising in power of attorney agreements.