When someone becomes incapable of managing their affairs, it can be a very difficult time, both for them and their family and friends.
When planning for the future it is important to consider what would happen if you were to lose mental or physical capacity due to dementia, illness or accident and could no longer manage your financial affairs.
We recommend the preparation of a Lasting Power of Attorney. This is an important document which enables you to choose one or more individuals to act on your behalf. You may wish to appoint your partner, friends, relatives or a director of Stonegate Legal to fulfil this role.
If you were to lose mental capacity without having made an Lasting Power of Attorney (or its predecessor an Enduring Power of Attorney) then the Court may select and appoint a Deputy to act for you. You would then have no opportunity to influence how your affairs are conducted or who would conduct them. The appointment of a Deputy can be a lengthy and relatively expensive option and meanwhile, your accounts will be frozen and your bills may not be paid.