How can I access my finances whilst isolating?

Aside from illness, social distancing and self-isolation can make it more difficult to manage your affairs. Although friends and family can help, there are some situations in which they are unable to help without a power of attorney. Typically these decisions could include paying bills and arranging medical care. There are three types of Power of Attorney you may wish to consider.

General Powers of Attorney (GPA)

A General Power of Attorney can be used to appoint someone to deal with your property and financial affairs. If you are a business owner this could also be used to deal with commercial decisions that affect the running of your business on a day to day basis.

Unlike a Lasting Power of Attorney the document can be used straight away and does not need to be registered. This makes them a faster alternative to a Lasting Power of Attorney and can also be cancelled whenever you wish. A GPA can only be used if have mental capacity and the power ends automatically on loss of capacity or death.

Lasting Powers of Attorney - Property and Financial Affairs

As with a GPA a Lasting Power of Attorney can be set up to allow decisions to be made on your behalf relating to property and financial matters. Crucially though, Lasting Powers of Attorney can continue to be used if you lose mental capacity.

Lasting Powers of Attorney must be registered with the Office of the Public Guardian before they can be used, which can take 6-8 weeks.

Lasting Powers of Attorney - Health and Welfare

A health and welfare Lasting Power of Attorney allows someone you choose (your ‘attorney’) to make decisions for you about living arrangements, medical care and end of life treatment if you don't have the capacity to do so yourself.

When you have set up a health and welfate LPA in place you still continue to make your own decisions about your medical care and treatment whilst you are well enough to do so.  Your chosen attorney can only step in to make decisions for you if you cannot make such decisions for yourself. 

We can provide advice on all of the above options without requiring you to visit our offices. For more information or to arrange your free initial 30 minute telephone consultation please call 01928 735333 or click here.