An Enduring Power of Attorney allows you to appoint a person or persons to act on your behalf, to handle your affairs, and they can continue to do so, IF you become mentally incapacitated.
As people live longer and medical science advances, more people are now living at an age where their mental capacity has reduced or been lost totally.
If YOU become mentally incapacitated and you have not appointed someone to act on your behalf, then THE COURT appoints an Official Receiver to act on your financial or property affairs.
The costs of the Court and of the Official Receiver must be paid for from YOUR assets, with a further annual charge for ongoing matters, calculated as a proportion of YOUR wealth.
You can appoint someone you trust to act for you instead of leaving matters to the Court, and if it becomes necessary, then your affairs can be in the hands of that trusted relation or friend, and you will have avoided those substantial expenses and stressful delays.
You can appoint someone NOW to act as your Attorney in the future. If you wait until that unfortunate illness, or suffer an accident, or believe decisions can be put aside for a while, it may just be TOO LATE!
When a will is not enough... Many people who've made a Will think that means everything will be all right, but a Will only operates when you die. Other circumstances should also be discussed with solicitors and family. My mother hadn't given me Power of Attorney and, when she suffered a severe stroke, she couldn't conduct her own affairs. I had to apply to the Court of Protection to enable me to look after them. The initial transaction cost over £1,000 and an annual fee of £225 has to be paid, as well as £35 a year for a bond. I have to submit annual returns, accounting for any monies spent from her account. And now I'm informed that I'm to have a visit from the Lord Chancellor's Office to see that my mother is being cared for in a satisfactory manner! The implication that you might try to cheat a parent is what hurts most of all. Mrs. Bonnie Russell, Abergavenny, Gwent |
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