Are you prepared for any life changing scenarios? There are currently around 850,000 people living with Dementia in the UK however it is not a natural part of ageing and it doesn’t just affect older people. Over 40,000 people under 65 in the UK have dementia according to the Alzheimer's Society. Mental and physical incapacity can happen at any time, and you might think that a spouse or family member would gain control of your finances and wellbeing, but this isn’t the case…
Unless you make an Enduring Power of Attorney, the High Court through the Office of Court and Protection will be required to appoint a Controller if there is no instruction in place. In this case, the ONLY way your finances can be managed is by an application (by a relative or someone close to you) being made to the Office of Court and Protection . This process can be considerably more expensive and can typically take several months. The Master would then have the power to direct how your affairs are managed and perhaps in a manner that you would not have wished. A Controller may not incur an expense on behalf of the Patient at a cost of £500 or more without Court authority, and should retain receipts for all transactions involving the Patient’s money which exceed a value of £50.00.
This is why it is vital to have an Enduring Power of Attorney . This legal document enables you to appoint someone who YOU want to make decisions about your money or property on your behalf, now or in the future. The document can carry a condition that it will only take effect after you have been medically certified as being incapable of managing your financial affairs.
Making sure the decision of what happens to YOU and YOUR affairs stays in YOUR hands.
For further information on the topic read Enduring Power of Attorney.
If you want to make sure your wishes are carried out, please contact us today for further information or a free no obligation consultation:
02830267134 or email@example.com
Damian McCrink is a registered Trust and Estate Practitioner with STEP