Limited Ordinary Power of Attorney (Bank Account)
This Limited Ordinary Power of Attorney (Bank Account) template provides for the grant of a power of attorney by an individual to another individual (i.e. neither party is a corporate body, partnership or collection of two or more individuals), and it is drafted on the basis that both individuals are resident in England & Wales. There are few legal restrictions on who may be appointed an attorney, and grantors should be mainly concerned to assure themselves that the person they intend to appoint is trustworthy and generally suitable for the role prescribed by the power of attorney.
This template provides for a specific (limited) power as opposed to a general power of attorney and it meets those requirements of common law and the Powers of Attorney Act 1971 that apply to a specific power of attorney. A general power would enable the attorney to do anything that the grantor of the power could lawfully do through an attorney whereas this limited version specifically authorises – and only authorises – the attorney to control and use one or more bank accounts of the grantor on behalf of the grantor. That limited power is set out in this template.
This template is not suitable for use by any type of trustee (or an executor) to grant any powers to others. It is suitable only for commercial use. As such it cannot be used in relation to a grantor’s health and personal welfare, and a Lasting Power of Attorney conforming to the legal requirements for such documents should instead be used in such a case. Note that a Lasting Power of Attorney should be used where it is intended that the attorney's power will not end when the grantor loses mental capacity.
A power of attorney in this form may be revoked by the grantor (since it does not state that it is irrevocable), and any such revocation should normally be by means of a document in the form of a deed. If it is not revoked, it will come to an end in accordance with the duration clause (if that optional clause is included), or automatically if and when the grantor dies. Similarly, it may come to an end when the grantor loses mental capacity but note that the law is uncertain as to whether, when and how loss of mental capacity brings the power to an end.
Before you decide whether to use this or any other form of power of attorney, you should consider whether, given your particular needs and circumstances, you need to take professional legal advice as to appropriate content for the document and as to whether a simple agency appointment would suffice or be more suitable than a power of attorney document.
This Limited Ordinary Power of Attorney (Bank Account) template is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.