14
To Advertise Call 664 210 468
De Cotta Law A Lasting Power of Attorney for UK assets Sandra Wrightson, Partner, De Cotta Law this month we continue our feature on Power of attorneys. this time we focus on the ‘Lasting Power of attorney’ that can be used for Uk assets. what is a Lasting Power of attorney (LPa)? It is a legal document that appoints someone to undertake actions and execute documents on your behalf. Often used by those that wish to plan ahead and set out in advance what they would like to happen should they become unable to make decisions for themselves in the future. The rules on this changed fairly recently and for some it appears more bureaucratic and time consuming. The LPA superseded the old Enduring Power of Attorney in October 2007. An LPA is a Legal Document under UK law which allows someone that you have chosen, to act on your behalf if you were unable to act for yourself due to infirmity or lack of mental ca-
pacity. how does a LPa work? Firstly, an application must be made to the Office of the Public Guardian, outlining who you wish to appoint as your Attorney. You can have more than one Attorney if you choose. Within the document you can state whether you wish to restrict your Attorneys in any way. For instance, you may allow them to make decisions for you regarding some aspects of your property or investments, however, you could restrict them from making decisions or taking action relating to others. It is up to you. When the application forms have been completed, signed and witnessed, they are registered with the Court of Protection in the UK. Once registration is complete (this takes about 12 weeks) the LPA can be used by your Attorney to carry out transactions on your behalf. who can have an LPa? You must be over 18 years of age, of sound mind when appointing your Attorneys and have assets in the UK. You do not have to live in the UK. what happens if you do not have an LPa? In the past, it was usual for family members to look after their relatives and to act for them when they became infirm or incapacitated. Children would care for parents and married couples would continue to look after each other’s affairs. Under the provisions of the Mental Capacity Act 2005 which incorporates legislation surrounding LPA’s, this is no longer possible. If you have not appointed an Attorney then no-one can act for you.
STOP PRESS! tax incentives for Property Purchases in spain end on 31st of December 2012.
Contact The Property Law Experts at De Cotta Law for more information: www.decottalaw.com conveyancing@decottalaw.com