Importance of putting in place a Power of Attorney

Importance of putting in place a Power of Attorney

Power of Attorney

“In this scenario, I want you to imagine that there are two elderly individuals – Elizabeth and Jonathan,” explains Suzy. “As Elizabeth started getting older, she decided that it was best to arrange to have a power of attorney in place which would allow her two daughters to help her with her finances. This means that should Elizabeth lose her mental capacity, her daughters could make financial decisions on her behalf.

“As Elizabeth and Jonathan grew older, they both, unfortunately, developed dementia. They no longer had mental capacity to make decisions over their money and assets. Due to Elizabeth’s foresight, her two daughters had the required access to deal with property matters on Elizabeth’s behalf.

Unfortunately, Jonathan had not had that same foresight and had not put into place a power of attorney. Therefore, Jonathan’s son was unable to gain access to any of Jonathan’s money or assets to pay for Jonathan’s needs. Jonathan’s son was now required to submit an application to the Court of Protection, which is responsible for appointing a deputy who can legally manage Jonathan’s finances.” 

An application to the Court of Protection can be expensive and technically difficult. However, with our specialist expertise, we can streamline the process in order to reduce any stress or delay.

If you are suffering through illness or have any concerns about your health or a loved one’s health, please get in touch with Suzy to discuss putting into place a power of attorney. Alternatively, if your parent or elderly relative has already developed an illness resulting in them losing their mental capacity, please get in touch to discuss an application to the Court of Protection.

It is important to note that a power of attorney will only cover assets within the UK. If the individual does have assets abroad, additional measures are also required, all of which Suzy can assist with.

Suzy Bhaker