A Lasting Power of Attorney is a legal document that allows you to appoint someone that you trust as an ‘attorney’ to make decisions on your behalf. Attorneys can make decisions for you when you no longer wish to or when you lack the mental capacity to do so.
Having a Lasting Power of Attorney in place can help avoid having to go through the Court of Protection and the kind of problems that have been highlighted in the press.
Former solicitor Irene Cox had to pay legal fees of £4,000 in order to access £5,800 of her own money to pay four personal bills, including dental fees. It took the Court of Protection five months to release the money.
Ian Johnson managed the affairs of his aunt. When she moved into a care home he needed to pay the £35,000 bill. It took the Court of Protection five months to agree he could use the money from the sale of her house to pay the bill, and even then they only released £25,000.
The system is in place to quite rightly protect the vulnerable but being a national system it cannot hope to have knowledge of the individuals involved and their circumstances. Court proceedings can be expensive and sometimes result in unfair decisions and can be avoided by having a properly drawn up Lasting Powers of Attorney.
For more information and to contact us visit the Financial Planning Partners Ltd online. We offer our services in and around Berkshire including Ascot, Sandhurst, Bracknell, Guildford, Farnham, Guildford, Camberley, Wokingham, Crowthorne and Reading. Our team of advisors are expert in all aspects of your financial future including taxation, pensions, SIPP's, retirement planning, Will's, savings and investments.
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