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To The Doubters Out There Who Wondered Whether A Power Of Attorney Could Transfer A Property To Themselves In The UK – T

Grant Saw Solicitors LLP, a well-established, highly acclaimed firm of solicitors, is based in South East London, with offices in Greenwich and Blackheath.

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To The Doubters Out There Who Wondered Whether A Power Of Attorney Could Transfer A Property To Themselves In The UK – T

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  1. To The Doubters Out There Who Wondered Whether A Power Of Attorney Could Transfer A Property To Themselves In The UK – The Short Answer Is No A person who was awarded the power of attorney handed over by someone else, is only able to represent it in a jurisdiction not adjudicating matters relating to or involving the handing-down authority. Power of attorney (POA) refers to the assignment of power to someone else, giving that person the authority to make legally binding decisions on behalf of the individual. This can involve the management of financial assets, making choices about medical care, signing contracts, and taking care of other commitments. A power of attorney has access to confidential information and their decisions are as binding as if the individual who signed over the power, had made it themselves. Usually, power of attorney means that authority to act on behalf of an individual is limited to a specific period, therefore being a limited grant of authority. Hence, power of attorney is giving power to another individual to do specific tasks within a specific period. A great example of this pertains to HMRC and filing of taxes. As a rule, HMRC does not allow taxes to be filed by a third party. By giving a tax solicitor POA to submit taxes, the solicitor will be able to peruse financial statements and personal records, as this information is needed to complete the tax returns. This solicitor will have limited authority to peruse financial records and bank statements, and submit the tax on behalf of the individual, but will not have the authority to sign any other documentation on behalf of the client. By assigning general power of attorney, the person can make any decisions on behalf of the individual while the POA remains valid. This general assignment is often made to a trusted family member or valuable friend, when the individual may be leaving town for a while or becomes incapacitated. Even a general power of attorney has limitations. A power of attorney cannot transfer money, personal property, real estate, or any other assets. Governed as fraudulent conveyance, this concept is referred to as self-dealing and is forbidden by law. The grantee can enforce these laws in civil and criminal court and have these transactions reversed. If the grantee is not able to enforce these laws due to legitimate reasons, third parties will have the right to enforce these laws on their behalf. These third parties are usually close family members or potential heirs. This rule also applies to all transfers in the power of attorney’s interest. A POA is not permitted to transfer the grantee’s assets to a spouse or child. Courts will frown upon any unnecessary or uncompensated transfer from a POA, specifically when the grantee was not informed or is deemed legally incompetent. A POA is not permitted to deed themself a grantee’s home. The grantee could cancel this transaction, with the deed remaining in their name. If the POA happened to sell this home and the transaction was declared null and void, the full amount would be owed to the purchaser by the POA, including refunds and damages. However, a power of attorney is permitted to transfer assets to themselves, on condition that they have obtained written consent from the grantee. Authorisation should be specific. This permission will be included in the POA form submitted to the court, as the court will require notarisation to honour this authority. Grantees are only permitted to award this authority if they are mentally and legally fit to do so. It is a common practice for families to use POA as a way to pass on significant property onto the next generation. Individuals may authorise power of attorney for their children to write what is known as a quitclaim deed on the family home. In this way, the house is assigned to the children for future reference and when the time is ready. About Us Grant Saw Solicitors LLP, a well-established, highly acclaimed firm of solicitors, is based in South East London, with offices in Greenwich and Blackheath. Offering divergent services to individual clients and businesses, this accredited, award-winning practice has received the highest accolades for consistent excellence in different segments of the practice. The firm was established in 1851 and combines their resplendent history and tradition with a fresh modern approach. The innovative approach has led to reaccreditation by Cyber Essentials Plus for the next twelve months, Lexcel and ISO:9001.

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