As people are living longer, many of us are faced with the knowledge that one day we may be unable to manage our own financial affairs. Be this due to infirmity, ill health, or loss of memory. This can be frightening and confusing for that person and those who care for that loved one. If an individual were to become mentally or physically incapable of managing their own financial affairs, a loved one (whether a spouse or adult child) would not be able to sign documents on behalf of that individual without the appropriate legal authority.
It is therefore recommended before such problems arise to protect the postition by completing a Lasting Power of Attorney to one or more trusted family members or close friends or professional persons so that if the individual were to become mentally or physically unable to manage their own financial affairs during their lifetime, the Attorney or Attorneys appointed by the individual would then be able to take over managing that person’s financial affairs.
If a Lasting Power of Attorney were not granted and if an individual became mentally incapable of managing their financial affairs, it may be necessary to make an application to the Court of Protection for the appointment of a Deputy to manage that individual’s financial affairs. An application to the Court for the appointment of a Deputy would involve considerable legal expense and would also be very time consuming and it would therefore be preferable for an Attorney to be appointed in order to avoid the need to make an application to the Court of Protection for the appointment of a Deputy.
If it is necessary to make application to the Court of Protection for the appointment of a Deputy, we can of course always provide you with the appropriate advice and assistance and deal with the application on your behalf.
For those clients who do not have family members or friends able to manage their financial affairs on their behalf, Carter Bells can act as your Attorneys and manage your financial affairs on your behalf.
It is also possible to enter into a Health and Welfare Power of Attorney to set out your wishes regarding future health care and treatment if you should become ill and giving those who you trust authority to take decisions regarding your personal health and welfare.
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Registration No. OC316899
A list of the Members may be seen at the registered office: 12 High Street, Kingston Upon Thames, KT1 1HD
Where we refer to Members, this is synonymous with Partner
Providing legal advice since 1858
Kings' Stone House
12 High Street
Kingston Upon Thames
DX: 31505 KINGSTON
Tel: 020 8939 4000
Fax: 020 8939 4003