Every 3 minutes, a person in the UK develops dementia. But your relatives cannot just walk into the bank and withdraw your money, even if it’s in your will. They can’t access your money unless they have a power of attorney. This can only be done after someone becomes incapacitated. If it is not done before then, family and friends will have to go through the court system, which could take a long time and cost a lot of money. It makes sense to get it organised.
What is the Lasting Power of Attorney?
It is hard to imagine what could happen if we lose our mental faculties. It’s important to consider how much worse the situation would be if you suffered a stroke or dementia, without taking care of your affairs. For Family Law Solicitors London, visit https://bridgelawsolicitors.co.uk/divorce-and-family-law-solicitors/london/
When someone is unable to make decisions, they may need help managing their finances. A Lasting Power of Attorney is a document that allows someone to designate a trusted person (while still having mental capacity) to take care of their affairs in the event they are unable.
You may want to avoid thinking about it but you can decide if it is possible to put it in place before you lose mental abilities.
You don’t have to make it permanent. If you were to fall into a state of coma for instance, your representative would take care of your concerns. If you regain your faculties you can make your own decisions.
Why do you need a Lasting Power of attorney?
If you are in a situation that you no longer have mental capacity and have not completed a Power of Attorney then your family and friends will need to go through the court system to become your “agent”, a lengthy and expensive process.