NEW GUIDANCE AFFECTS JOINT ACCOUNT HOLDERS

27th December 2013

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New guidance recently issued to banks and building societies means that joint accounts are more likely to be frozen when one of the account holders has suffered a loss of mental capacity. This need not happen if the person who now lacks capacity has previously made a Lasting Power of Attorney (or an old style Enduring Power of Attorney).

Many people don’t realize that even a spouse or partner cannot automatically access the finances of someone who has lost mental capacity. 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.

A Lasting Power of Attorney is an effective insurance policy against these practical and financial difficulties and delays. We deal with such difficulties every week, so we can guide our clients through the process and the choices. For more information please contact Helen Downes or Claire Johnson.

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FROM THE ADVICE CENTRE

PARTNER

Claire Johnson

CLAIRE JOHNSON

Partner, Cardiff

+44 (0)29 2039 1728
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