Property and Financial Affairs Lasting Power of Attorney
What happens if I don’t have a Property and Financial Affairs Lasting Power of Attorney?
Fiona Mann, Associate Solicitor at Kerseys Solicitors in Felixstowe explains the importance of this document and what can happen if you do not have one.
Lasting Powers of Attorney and their predecessor, Enduring Powers of Attorney, allow you to authorise chosen people (your Attorneys) to make decisions about your property and financial affairs if you were to lose the mental capacity to make these yourself. This could include deciding what bills to pay, whether your house should be sold, and where your money should be invested.
If you do not have a valid Power of Attorney document and you were to lose capacity, no one (not even your spouse or other close relatives) has the authority to make these decisions for you. This means that no one can access your money until they can prove that they have the authority to do so. Even if a bank account is held jointly with another person, the remaining owner would likely only be able to make “essential” transactions, if the bank allows this. This could have serious implications for both the person who has lost capacity, and the other bank account owner.
If this situation arises, an application needs to be made to the Court of Protection for someone to be appointed as a Deputy for the person who lacks capacity. This is a lengthy process, it often being 12 months before the Deputyship order can be used. It is also far more expensive than completing Lasting Powers of Attorney, not to mention more onerous, both when the application is made and every year afterwards as accounts need to be submitted by the Deputies to the Court of Protection.
It is also a question of choice. When you complete a Lasting Power of Attorney, you have complete control over who can (and cannot) act for you. With a Deputyship order, however, the decision is out of your hands; if someone close to you is unable or unwilling to apply, or if there happens to be a disagreement as to who should act, it could be that a professional Deputy or local authority representative is appointed by the Court.
How can Kerseys Solicitors help?
Established in 1881, Kerseys Solicitors has helped generations of clients with the completion of Powers of Attorney and other legal documents. If no valid Lasting Power of Attorney document is held, and cannot now be entered into, the team can assist with a Court of Protection Deputyship application to appoint appropriate people to act. We can also assist with associated applications to replace an owner of jointly-held property who has lost mental capacity, allowing the property to be sold.
Our team of experienced Private Client solicitors offer face-to-face or remote appointments at our offices in Ipswich, Woodbridge and Felixstowe.
If you would like advice about Lasting Powers of Attorney or Deputyship applications, please contact one of our offices:
Kerseys Solicitors in Felixstowe on 01394 834557 or email [email protected]
Kerseys Solicitors in Woodbridge on 01394 813732 or email [email protected]
Kerseys Solicitors in Ipswich on 01473 213311 or email [email protected]
Alternatively you can visit our web site and request a call back and a member of our Private Client law team will be happy to contact you.
