A Power of Attorney is a legal document that grants one or more trusted persons (the attorney) to make decisions on behalf of an individual (the donor) in instances where the individual’s mental capacities have diminished. It is worth noting that a power of attorney can only be set up when the individual is well and still possesses mental capacity to make this decision.
At Buckinghamshire Building Society, we appreciate that discussing the potential decline of your own capacity or that of your loved ones, can be an extremely sensitive topic. However, appointing a Lasting Power of Attorney (LPA) can help you avoid encountering further issues in the future.
Without an LPA in place, a court order is usually needed to deal with the property and financial affairs of someone who lacks capacity to deal with such matters. The process of applying to the Court of Protection typically takes up to a year and the financial affairs of the person who has lost capacity are effectively frozen in the meantime. The on-going management of that person's property and finances will be subject to the supervision of the Office of the Public Guardian going forward.
Having to involve the Court and the Office of the Public Guardian in this way can be costly, time consuming and intrusive for the family of someone who has lost capacity. This situation can be avoided by taking the simple step of putting in place an LPA whilst there is no issue in relation to your capacity.
Whatever your age, putting in place an LPA in relation to your property and financial affairs is important and gives you peace of mind in the event of an unexpected loss of capacity through accident or illness. Don’t worry, setting up a Power of Attorney doesn’t mean you’ll immediately relinquish control of your finances. It’s a safety mechanism put in place should you and your loved ones need it.
If you are yet to apply for a Lasting Power of Attorney, you can begin your application on the Office of the Public Guardian’s website.
As of the 1st of October 2007, an Enduring Power of Attorney (EPA) can no longer be made as they were replaced by LPAs. However, if an EPA has already been appointed, they are still able to be registered with us.
If you require a Power of Attorney over an existing savings account, please contact us and we will send you out a form to complete. Please send us a certified copy of the Power of Attorney document, your solicitor will be able to assist you in this matter. We will also need other information related to the donor, including address details and account numbers. We will also need to electronically identify all attorneys named on the document and we will need you to send copies of identification documents as detailed in the ID requirements.
If you would like to open a new savings account with a Power of Attorney, you will need to select the savings account that you require then download the application form and return it with a certified copy of the Power of Attorney document and identification for the donor and the attorneys.
Please note that this is not an exhaustive list of the documents, we may request that you provide us with further evidence such as a letter from a doctor or nursing home.
If you need any more information, the Building Societies Association have produced a useful guide that explains how you can manage a building society account on another person's behalf. It describes the circumstances in which this is possible and how it can be done. It also sets out the documents required to be able to manage the account. You can access the guide here.
Please feel free to contact us at 01494 879500 and we will help you in any way we can.