Summer Newsletter - ALL CHANGE FOR POWERS OF ATTORNEY
The Enduring Power of Attorney is changing. The Mental Capacity Act 2005 introduces the concept of the “Lasting Power of Attorney”, which will replace the current Enduring Power.
Enduring Powers of Attorney created before 1 October 2007 will remain effective and legal. After 1 October it will be possible to set up a Lasting Power of Attorney to give your attorneys advance directives not only in respect of your property and financial affairs, as under the current rules, but also in respect of your personal welfare and health care.
There will be separate forms for each type of directive, and an individual with full mental capacity to do so can choose to set up either or both.
Under the new rules to become operable, the Lasting Power must be registered with the Court of Protection. The anticipated fee will be £150 for each form submitted. Under current rules, an Enduring Power becomes operable as soon as it has been signed and dated by the parties concerned and there is no fee payable.
There are a number of other significant changes including the requirement to prove you have the mental capacity to make a Lasting Power of Attorney, how receivers are appointed in the event the donor loses capacity, and the abolition of the existing Court of Protection.
To avoid the additional costs of immediate registration under the new regime, why not consider setting up an Enduring Power under the current rules? Our current charge for preparation of these documents is £60.00, plus VAT, for a single person and £100.00, plus VAT, for a couple.
Contact Kathryn or Rowena on 0118 9842266 to arrange an appointment