Enabling someone you trust to make decisions on your behalf
What is Power of Attorney?
Power of Attorney makes it possible for another person to manage your finances. They can take financial decisions on your behalf if you’re unable to deal with these matters yourself, typically for reasons of ill-health. This can help ensure that the business continues to operate smoothly.
There are different types of Power of Attorney:
- General Power of Attorney, which allows someone to manage your financial affairs at any time.
- Lasting Power of Attorney, which allows someone to manage your financial affairs on your behalf and continues if you lose your mental capacity.
- Court of Protection: If someone is no longer able to make decisions for themselves but a Power of Attorney has not been put in place, a Court of Protection Order may be required to allow someone to make decisions on their behalf.
For business owners or directors, a property and financial affairs Lasting Power of Attorney gives the attorney the power to make decisions relating to the business on the individual’s behalf.