What is a Power of Attorney?
A Power of Attorney is a legal document authorising another person (the “Attorney”) to make decisions and act on your behalf (the “Appointor”). In terms of Summer, this could mean appointing someone you trust to make withdrawals or changes to any information we hold.
There are two main types of Power of Attorney:
1. Ordinary Power of Attorney
You may want to allow an Attorney to make certain decisions for you in certain circumstances. This type of Power of Attorney is typically used on a temporary basis with a start and end date. For example, if you go overseas and need someone to take care of your affairs while you are away. This type of Power of Attorney ceases to have legal effect if you become mentally incapable.
2. Enduring Power of Attorney
An Enduring Power of Attorney is a special kind of Power of Attorney that continues to operate if you become mentally incapable. It can apply to your personal care and welfare, or property affairs, or both (although in terms of Summer, only the property aspect will be relevant). You will generally need to see a lawyer or a trustee corporation to set up an Enduring Power of Attorney.
For either type of Power of Attorney you must have mental capacity when making the appointment.
Who can be appointed an Attorney?
An Attorney can be anyone you trust to act in your best interests. They are often a friend or family member, and don’t necessarily need to be a lawyer. They must be at least 20 years of age, have mental capacity themselves, and not be bankrupt.
1. A certified copy of the Power of Attorney
What is ‘a certified copy’ of a document?
A ‘certified copy’ of a document is one where a trusted referee has viewed the original document and compared it with a scanned or photocopied version. The trusted referee provides a written statement on the copy to the effect that the copy provided is a true and correct copy. The trusted referee’s written statement must include their name, occupation, and signature and the date of confirmation. Please note: This confirmation is only valid for three months.
Who is a ‘Trusted Referee’?
He or she is someone who is at least 16 years old, is not your spouse or partner, is not related to you, does not live at the same address as you and is not involved in the business or transaction requiring the certification.
They must be a:
2. Certificate of Non-Revocation
Sometimes it is unclear whether a Power of Attorney is still in force or not. For example, an Appointor who has mental capacity may terminate the Power of Attorney by giving written notice of cancellation to the Attorney. Sometimes these events are not communicated to us. We therefore require Attorneys to provide us with a Certificate of Non-Revocation when they sign a document under a Power of Attorney, to confirm that the Power of Attorney is still in effect.
Please complete the applicable form below:
The Certificate of Non-Revocation will need to be signed on the same date as the document you are completing as Attorney.
For more information talk to one of our Savings Specialist on 0800 11 55 66 or email [email protected]. Alternatively, fill in the form below and we'll call (or email) you!
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