What would happen to your finances, if you were suddenly incapacitated and couldn’t deal with things? Who would be able to step in and help you?
Unless you had made a Lasting Power of Attorney, the answer is, no-one.
Not even your spouse or civil partner can do this.
Incapacity can be caused by many conditions, including alzheimers or senility, or after suffering a stroke. Looking after a relative or friend who is suffering from some form of mental incapacity can be extremely difficult. However, we can all try to make life easier for our families by making a Lasting Power of Attorney (‘LPA’ for short).
The LPA is a legal document in which you specify who you want to be able to look after your financial affairs for you, in the event of your incapacity.
If sadly a person becomes unable to deal with his or her finances because of mental incapacity and if he or she has not already made an LPA, then the only way forward for the family is to make an application to the Court for permission to take over conduct of the finances. Believe us when we say that this procedure is long, expensive and could easily have been avoided, if an LPA had been made.