If you become incapable of managing your affairs, perhaps due to Alzheimer’s, loss of sight, dementia, stroke or accident, etc who will pay your bills, run your daily finances, make financial decisions on your behalf or even just pop to the shops for you?
Under the Mental Capacity Act of 2005 anyone who lacks the capacity or has the inability to make decisions will have all their financial affairs passed to the ‘Court of Protection.’ This government body has the power to appoint deputies, who will control your finances remotely and from afar. Fees will be applied for every transaction and often your spending will be restricted in turn leaving the people you trust and your family powerless to help. Simple financial transactions will become complicated and expensive for you and even joint bank accounts will be frozen.
In its first two years the ‘Court of Protection’ seized a staggering £3.2 billion in assets from the elderly and infirm and last year alone took fees of over £23 million for dealing with the assets.
Making a Lasting Power of Attorney with Express Law prevents ‘Court of Protection’ rule and allows you to appoint people you trust to manage your affairs, on your behalf, should you suffer any Mental Incapacity or just become unable to cope with making your own financial decisions.
Prior to any illness or incapacity developing Express Law prepare a Lasting Power of Attorney on your behalf and if required it is simply registered, at the appropriate time, with the Office of Public Guardian. Once registered this legal document will allow you to pass control of your finances on to those you previously appointed, avoiding unnecessary fees and restrictions being applied by a government body at what can be a very difficult time for you and your family.
With one in three people, over sixty five years old likely to suffer from dementia, do not get caught out and lose control of your finances. Act now and avoid what could be disastrous and very expensive consequences for you and your family.
For further information on a Lasting Power of Attorney with Express Law call - 0845 475 3555.
Retain control of your finances during incapacity with a Lasting Power of Attorney – a must for anybody with a bank account.
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