Consider this scenario: A loved one suffers a stroke, has an accident, a sudden illness or faces dementia and losing mental capacity. In such challenging times, members of the family cannot gain access to necessary funds to help facilitate the best care possible for their loved ones and decision-making becomes crucial. Unfortunately, these situations do arise and I have seen them first hand. These significant hurdles can be overcome by organising Lasting Powers of Attorney (LPA). Once mental capacity is lost, the system does not allow this hurdle to be overcome without applying to the Court of Protection for their intervention—a lengthy, arduous and costly ordeal that could have been avoided.
There was an unfortunate event recently of a bank account holder losing capacity and the bank restricting the account until the Court of Protection appointed a deputy, leaving the ability to pay for required care in limbo. This holds true even for joint bank accounts and married couples. Shockingly, spouses aren’t automatically granted access to their partner’s funds, even if the accounts are jointly held.
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.
By creating LPAs now, you can empower your trusted individuals—whether family members or friends—to act on your behalf should you ever lose mental capacity. With an LPA in place, they can make important decisions about your finances, health, and welfare in line with your best interests, sparing you and your loved ones from unnecessary stress and heartache.
We, at Nirvana Legal, suggest taking proactive steps to create Lasting Powers of Attorney. By doing so, you’ll not only protect yourself and your assets but also provide invaluable peace of mind, knowing that you’re prepared for whatever the future may hold.
Give us a call today to learn more about how LPAs can safeguard your interests and ensure your wishes are respected when you need it the most, also preserving your dignity and autonomy.
I will ensure your comfort and convenience through the whole process. If you cannot make it to our office or to meet for a coffee locally, please let me know and I will make arrangements to visit you at home.
Business LPAs are essential for business owners, providing a safety net in case unforeseen circumstances, such as illness or incapacity, prevent them from managing the day to day operations of their business. With a Business Lasting Power of Attorney (LPA) in place, designated individuals can step in to make critical decisions about the operation and direction of the business, ensuring continuity and stability during challenging times. By proactively creating a Business LPA entrepreneurs can protect their businesses and ensure that they continue to thrive, even in their absence.
For self-employed individuals and business owners, LPAs offer a lifeline in times of crisis. With a trusted individual nominated to oversee your affairs, you can rest assured that your business will continue to thrive or be wound up according to your wishes.
Give me a call and let’s get the process started!
Sarah Buckley is a Freelance Solicitor Authorised and Regulated by the Solicitors Regulation Authority and a Member of the Law Society of England and Wales. Copyright © Nirvanalegal 2024. All rights reserved. Website developed by Legal Growth.