If you become mentally or physically unable to manage your own affairs this could lead to difficulties for you and loved ones not being able to access your bank accounts, savings, investments, pensions or make decisions on any care issues.
Q. What can you do to prepare for this eventuality? A. Prepare a Lasting Power of Attorney.
If nothing is put in place the only option available, thereafter, is an expensive process of appointing a Court Appointed Deputy. The court may appoint a family member or they may appoint a Solicitor or a Local Health Authority employee.
The best advice we can give you is to have in place a Lasting Power of Attorney prepared whilst you are still mentally and physically capable. This enables you to choose who you wish to look after your affairs and not leave it for the courts to decide.
A Lasting Power of Attorney is one power that is split into two parts: PROPERTY & FINANCIAL AFFAIRS AND HEALTH & WELFARE. The reason the power is in two parts is so that you can choose different people if you want to, to perform different task for you, e.g. you may choose your son to look after your money and your daughter to look after your care needs.
Property & Financial Affairs deals with your money and financial transactions.
Health & Welfare deals with all decisions needed to be taken in relation to your health and and day-to-day care issues.
Lasting Powers have to be registered with the Office of the Public Guardian before your attorneys have the power to act on your behalf. Your attorneys have to act in your best interests at all times and must act in accordance with the Mental Capacity Act 2005 (MCA 2005).
Contact us today for more information.