THE IMPORTANCE OF FORWARD PLANNING: LASTING POWERS OF ATTORNEY

4th April 2014

Derby Office Icon

It Can Happen To Anyone...

Lucas Neville was recently awarded £2.29m in damages after a life changing brain injury in a student rugby match. Meanwhile, Formula One champion Michael Schumacher remains in a coma after his skiing accident.

Behind these headlines, there are likely to have been significant legal and financial difficulties and delays for the families involved.

Broadcaster, Andrew Marr, now recovering well after a major stroke at the age of 53, is another example of how loss of capacity can happen suddenly and unexpectedly.

"Many people don’t realise that even a spouse or partner cannot automatically access and manage the finances of someone who has lost mental capacity"

Many people don’t realise that even a spouse or partner cannot automatically access and manage the finances of someone who has lost mental capacity and that even joint accounts and accident insurance payments may be affected. An order from the Court of Protection appointing a ‘deputy’ can take several months and cost over £1,000 with additional costs and form filling every year afterwards.

For anyone over the age of 18, you can protect against these difficulties and delays by making a Lasting Power of Attorney, giving authority to someone you trust to deal with your property and finances in circumstances like these.

RELATED:WILLS & PLANNING FOR THE FUTURE >> WEALTH MANAGEMENT>>


FROM THE ADVICE CENTRE

PARTNER

Claire Johnson

CLAIRE JOHNSON

Partner, Cardiff

+44 (0)29 2039 1728
email
more...

SENIOR ASSOCIATE

Anne Taylor

ANNE TAYLOR

Senior Associate, Cardiff

+44 (0)29 2039 1779
email
more...