I have a history of elderly mental illness in my family. Should I give power of attorney now?

The 2005 Mental Capacity Act changed the rules regarding power of attorney significantly.

Enduring power of attorney documents are no longer valid as they were extremely easy for unscrupulous family, friends or professional advisers to use fraudulently. Banks and other financial institutions were accepting these documents without any form of court recognition of the existence of the documents or the attorneys they appointed.

The new lasting powers of attorney (LPA) need to be registered with the courts and stamped on every page before they can be acted upon. The new registration process also allows for a reasonable amount of time for people to object to the appointment of the attorney.

As a result of the additional complications associated with creating LPAs, the fees for these documents have risen since 2005. That said, Alpha Estate Planners have very reasonable rates for drawing up a pair of LPAs.