An unexpected loss of mental capacity is something that can affect anyone not only people who are in later life. Even a spouse or partner cannot automatically access and manage the finances of someone who has lost mental capacity and worryingly joint accounts may be frozen in such a situation.
An order from the Court of Protection appointing a ‘deputy’ to manage the property and finances of the person who has lost capacity can take several months and cost over £400 with additional costs and form filling each year thereafter.
You can protect against such difficulties and delays by by making and registering a Lasting Power of Attorney which will give authority to one person or more than one person you trust to deal with your property and finances.
Many also choose to make a Lasting Power of Attorney to give someone authority to make decisions about their health and welfare should they ever lack the capacity to make or communicate such decisions themselves (an aspect not covered by existing Enduring Powers of Attorney).
Whether it’s setting up a new Lasting Power of Attorney or handling an existing Enduring Power of Attorney Geldards specialist lawyers can guide you through the process. It’s important to understand the choices you have already made or are available to you but crucial to make sure you have the provision in place which is tailored to your particular circumstances.