Imagine this scenario: A loved one experiences a stroke, a sudden illness, an accident, or the onset of dementia, leading to a loss of mental capacity. In such difficult times, family members may find themselves unable to access essential funds to arrange the best possible care, while crucial decisions need to be made. Sadly, these situations do occur, and I have witnessed them firsthand.
These challenges can be avoided by setting up Lasting Powers of Attorney (LPA) in advance. Once mental capacity is lost, the system requires an application to the Court of Protection—a lengthy, complex, and costly process that could have been prevented with proper planning.
A recent unfortunate incident highlighted the challenges faced when a bank account holder lost mental capacity, prompting the bank to restrict access to the account until a deputy was appointed by the Court of Protection. This left the family unable to pay for essential care during this period of uncertainty. Surprisingly, this applies even to joint bank accounts and married couples. Many are unaware that spouses are not automatically granted access to their partner’s funds, even in jointly held accounts.
There have been cases recently where light is shed on the harsh reality of this situation. A husband was tragically injured and left in a coma. Despite having bills to pay and children to support through university, the wife faced the daunting task of making formal court applications for money all because her husband’s bank accounts were frozen without warning when the bank realised he was mentally incapacitated.
Creating Lasting Powers of Attorney (LPAs) now enables you to appoint trusted individuals—whether family members or friends—to act on your behalf should you lose mental capacity in the future. With an LPA in place, they can make important decisions regarding your finances, health, and welfare, ensuring your best interests are upheld and sparing your loved ones unnecessary stress and heartache.
Taking proactive steps to set up LPAs is a vital part of planning for the future. By doing so, you not only protect yourself and your assets but also gain peace of mind, knowing you’re prepared for any eventuality.
Give Gary a call today to learn more about how Lasting Powers of Attorney (LPAs) can protect your interests, ensuring your wishes are upheld while preserving your dignity and autonomy when it matters most.
Gary is committed to making the process as comfortable and convenient as possible for you. If you’re unable to visit the office or meet for a coffee locally, simply let him know, and he will gladly arrange a home visit to assist you.
At Birchwood Legal, my commitment to delivering compassionate and professional estate planning services has earned the trust of families across Birchwood, Lincoln, and the surrounding areas.
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