When a close family member or friend loses capacity to deal with their own affairs, it can be a stressful time for all involved. Difficult times like these can be made worse if there is no Enduring or Lasting Power of Attorney in place. There could be bills to pay and investments and income to manage. Banks, pension companies and other financial institutions will not give information to anyone, or accept instructions from anyone other than the account holder due to data protection - not even to a spouse or child.
Kate Maybury, solicitor in the private client department at Wake Smith highlights some of the queries received from anxious clients who have read the recent article about the 'secret court' in the Mail on Sunday and seen the coverage on BBC1's The One Show.
The reports highlighted concerns shared by many families, with the assets of many elderly and mentally impaired people being seized by 'a secret court' and control being handed to the state.
If no Enduring or Lasting Power of Attorney is in place, someone usually has to apply to the Court of Protection for a "Deputyship Order". The process exists to ensure that the affairs and finances of an incapacitated person are protected. Anyone can apply to be a "Deputy", and usually, a close family member or friend will make the application. However, the application can be hard work, costly, time consuming and can put added pressure on those trying to care for a loved one. It can take months for an order to be issued by the Court which means that sometimes, urgent financial matters cannot be addressed.
The stories in the news highlight the need to prepare for the future by ensuring you have an Enduring or Lasting Power of Attorney in place before it is too late. By preparing now for your potential incapacity in the future, you could avoid having to go through the process at the Court of Protection. An Enduring or Lasting Power of Attorney also allows you to retain control over who deals with your affairs, when and how. Your Attorney would be acting under your instruction rather than an order from the Court.
It is important to remember that Lasting Powers of Attorney can only be prepared whilst you still have capacity. If you think that you, or a friend or relative would benefit from a Lasting Power of Attorney, it is important to seek legal advice before it is too late.
For more information contact any member of our team on 0114 266 6660.
