A lot of people are faced with the burden of managing the property and financial affairs of an incapacitated relative. The lack of a financial affairs lasting power of attorney, can cause great difficulty for your loved ones if they need to gain access of your accounts and assets in the event of your mental incapacity.
As a result, you risk not receiving the care you need and deserve, and the benefits of the financial security you’ve worked your whole life for. Mental or physical incapacity can render you unable to manage your financial affairs at any time. Young or old, these possibilities endanger your assets as well as yours and your family’s wellbeing. This is why it pays to set up a lasting power of attorney Property and Financial Affairs so you can stay in control of your assets no matter what happens in the future.
When you become physically or mentally incapable of managing your own financial affairs, power shifts to the Office of the Public Guardian, which can make access to your accounts and assets extremely difficult and tedious for your family and loved ones. Procedures typically involve making an application to the Court of Protection for deputy appointment and completing detailed questionnaires regarding the incapacitated person’s assets. Applying family members must also notify close relatives about the proposed application and obtain medical reports from the person’s doctor to explain the nature of his or her mental incapacity. The subsequent years will also require the preparation and submission of annual accounts to be approved by the Court. These procedures take a long time and can be extremely expensive, which makes accessing accounts burdensome for family members. Applying for lasting power of attorney financial affairs with the help of the right advisor will help you better understand the positive implications of an LPA in retaining control over your assets.
MVL Wills and Trusts of Battle, East Sussex, can help you put your Lasting Power of Attorney in place. A consultation is free and can be held at our offices or in the comfort of your own home. Call 01424 577070 or email info@mvlwillsandtrusts.co.uk for an appointment.
