An Ordinary Power of Attorney (OPA) is a legal document that allows someone, known as the donor, to grant authority to another person, the attorney, to manage their financial and legal affairs.
Understanding how to create and terminate an OPA is crucial for anyone who wishes to delegate decision-making powers temporarily. But what are the key process and considerations involved? The team at Swansea Legal Solutions explains:
Creating an Ordinary Power of Attorney (OPA)
Choose an Attorney: Select a trusted individual to act as your attorney. This person should be responsible, competent, and willing to manage your affairs in your best interests.
Draft the OPA: it’s always best to seek assistance from a legal professional when drafting an OPA. The document should clearly outline the powers you wish to grant to your attorney. These powers can be as broad or as limited as you choose. Be specific about the financial and legal matters your attorney can handle. Common examples include managing bank accounts, paying bills, and making decisions regarding property and investments. Specify when the OPA takes effect, whether immediately or at a future date, and any conditions or limitations.
Sign and Witness the OPA: You must sign the OPA in the presence of a witness. The witness cannot be your attorney or related to them. This ensures the document’s validity. The witness should also sign the OPA, confirming that they witnessed your signature.
Registering an OPA: Registering the OPA with the Office of the Public Guardian is highly recommended, as it provides added security and transparency. Registered OPAs are generally accepted by financial institutions without question.
Terminating an Ordinary Power of Attorney (OPA)
Revocation: As the donor, you have the power to revoke the OPA at any time, provided you have the mental capacity to do so. You should notify your attorney in writing, and it’s advisable to also inform any relevant financial institutions.
Death: The OPA automatically terminates upon the death of either the donor or the attorney. After death, any decisions or powers granted under the OPA cease to have effect.
Attorney’s Resignation or Incapacity: If your attorney resigns, loses capacity, or is declared legally incapable of acting, the OPA will terminate. It’s essential to appoint a new attorney if necessary.
Completion of Tasks: If the OPA was created for a specific purpose, it terminates upon the successful completion of that purpose. For example, if it was created for a temporary absence, it ends when the donor returns.
Swansea Legal Solutions
An Ordinary Power of Attorney is a valuable legal tool that allows individuals to delegate financial and legal decision-making authority temporarily. By understanding how to create and terminate an OPA, you can ensure that your affairs are managed according to your wishes.
Careful consideration of your choice of attorney, clear documentation, and adherence to legal requirements are crucial when creating an OPA. Additionally, staying informed about the termination conditions and taking the necessary steps to revoke or appoint a new attorney when needed ensures that your interests are protected throughout the process.
That’s why it is important to have your OPA drafted by legal professionals like the team at Swansea Legal Solutions. Call us to today on 01792 420844 to discuss your requirements.
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