Realising that a loved one is losing capacity can be hard to come to terms with. Often we don’t want to acknowledge that people who are close to us are losing the ability to look after themselves on their own.
However, while it might not be a pleasant thing to have to confront, it can cause additional problems if people do not do so.
When a person loses capacity no one has the authority to make either welfare of financial decisions on their behalf. It is not widely known, but when someone loses capacity their bank account becomes suspended, unless steps have already been taken to prevent this.
We can help with these steps.
If a person loses capacity completely, then an application will have to be made to the Court of Protection to appoint someone to make decisions on their behalf.
Although sometimes unavoidable, applying to the Court of Protection can be a lengthy and expensive process. Forward planning is essential if you and your loved ones want to avoid this and retain the option to choose who ultimately deals with the personal affairs.
A Lasting Power of Attorney, or LPA, gives you the flexibility to make decisions about who looks after you, if and when you start to find it difficult to do it on your own.
A Lasting Power of Attorney is also a quicker and cheaper option compared to an application to the Court of Protection. Court of Protection applications attract a yearly supervision and additional protective bond fee from the Court, which is not the case with a Lasting Power of Attorney.
A person must still have capacity in order to make a Lasting Power of Attorney. It is therefore important that you contact us before capacity is lost, so that we can help you protect assets and welfare of you or your loved one in the long term.
If you are concerned loss of capacity, please contact us today on 0808 139 1606 for a free informal chat about your options.