As a result of amendments to the legislation covering powers of attorney, LPI (Land and Property Information) now requires that two new forms be used for creating powers of attorney and there is a difference between: a General Power of Attorney and an Enduring Power of Attorney.
Use of the new forms will become mandatory from 1 March 2014 onwards. However LPI will continue to accept and register General Powers of Attorney made in accordance with the previous legislation.
Enduring Powers of Attorney made in accordance with the previous legislation which were entered into, i.e. fully executed by all parties, before 28 February 2014 will still be accepted for registration by LPI after this date, but LPI will only accept the new form of Enduring Powers of Attorney for any powers created from 1 March 2014 onwards.
If you have entered into a Power of Attorney under previous legislation and which has not been accepted by all of your attorneys then you should make sure that their acceptance is effected before 28 February 2014.
A Power of Attorney must be registered (at LPI and for a standard fee) if your attorney is empowered to sell, mortgage, lease or otherwise deal with your real estate. If you don’t intend for your attorney to deal with your real property assets, registration is not necessary and any powers granted will still be effective for use by your attorney for any other purposes.
Please contact any member of our estate planning team if you have any queries in regard to your current or proposed powers of attorney.