The Importance of making a lasting power of attorney

If an unfortunate event occurs, such as a sudden accident or illness, and you are not able to make a sound decision and a lasting power of attorney is not in place, your spouse or your family would not be able to manage your affairs. Bank accounts will be frozen, including joint accounts, preventing your family from drawing money from the accounts to cover your expenses. In a scenario like this, someone from your family will have to apply for a deputyship order from the court of protection, which would be expensive and time-consuming. This would take approximately 9 months, making it very difficult to manage your affairs. Even after a deputy is appointed without a lasting power of attorney, decisions will be made that do not reflect your views or wishes. Once a person loses mental capacity, it would be too late to make a lasting power of attorney. With a lasting power of attorney in place, your attorney will be able to manage your affairs without getting the court involved. Finally, it’s advisable to make a lasting power of attorney sooner rather than later, and if you need assistance, please seek legal advice.