Last Friday evening on ITV, Money Expert Martin Lewis highlighted the importance of preparing Lasting Powers of Attorney. He talked about what would happen if you lost capacity without putting something in place to ensure that someone trustworthy can step in to manage your financial affairs or act on your behalf concerning your health and welfare.
Everyone knows it is important to make a Will to ensure assets are passed to the beneficiaries of your choice when you die, but what about protecting the assets when you are alive?
Illness or accidents can happen suddenly and without warning. Common conditions relating to the loss of capacity include strokes, dementia, coma, brain injuries, Alzheimer’s disease as well as various mental health problems and other mentally debilitating conditions.
If you lose capacity and do not have a Lasting Power of Attorney in place, a relative or other person close to you would have to apply to the Court of Protection. This can take approximately 4-5 months and cost up to £2000 to process. During this time your finances could be seriously damaged, with no guarantee a relative or trusted friend is appointed. If you have a Lasting Power of Attorney in place, your chosen representative can act straight away should you become unable to handle your own affairs; or become mentally incapable.
Put your mind at rest and contact one of our Private Client Team who would be happy to discuss the process and cost of preparing and registering Lasting Powers of Attorney for Property and Financial Affairs and Health and Welfare issues.