Do you care who will make decisions regarding your finances and welfare if you become ill?

When making a Will, we will choose our executors very carefully. They are usually individuals whom we trust implicitly to administer our estate accordingly.

In contrast, many of us overlook what would happen if we were to become mentally incapable of managing our finances.

Your family do not automatically have the right to manage your affairs.

If a person becomes mentally incapable and has not executed an Enduring Power of Attorney (before 1^st October 2007) or a Lasting Power of Attorney (after 1^st October 2007) it will be for a family member, friend or professional to apply to the Court of Protection for a Deputy Order.

Applying to the Court for a Deputyship Order is usually a lengthy and costly process, not only on the initial application but also throughout the lifetime of the person who has become ill. It is not unusual for it to take more than six months to obtain a Deputyship Order. In that time, substantial losses may have been made on your investments or home, the proceeds of which would have been used to fund your care.

The alternative is to execute a Lasting Power of Attorney now. A Lasting Power of Attorney cannot be executed if you lose mental capacity.