One question I often encounter when dealing with clients is "what will happen to my money in the event that I am unable to look after it myself?"
The importance of ensuring that this question is not only considered, but that you have put sufficient protection in place, cannot be underestimated. This has recently been highlighted in the national news where a care home manager, who was meant to be looking after the funds of an elderly resident, has been jailed for 31 months after she stole approximately £90,000.00 from them instead.
I fully appreciate that this occurrence is an extreme example, but I am starting to see more and more questions being raised against the conduct of those entrusted with looking after the affairs of someone that is no longer able.
This case, and the accompanying increase in scrutiny, highlights the importance of why a Lasting Power of Attorney should be put in place at the earliest opportunity to ensure the people you trust are in control of your finances. It should also act as a warning for Attorneys and Deputies to ensure they keep an accurate record of any purchases they make on behalf of the donor.
If you are thinking about putting in place Lasting Powers of Attorney or want some advice as your role as an Attorney or Deputy then please contact Gepp Solicitors on 01245 493 939 and ask for someone in our Private Client team.
This is not legal advice; it is intended to provide information of general interest about current legal issues.