Lasting Powers of Attorney
A Lasting Power of Attorney is the only way to ensure that the person of your choice will manage your financial affairs should you be unable to manage them yourself through mental incapacity.
If you do not have a Lasting Power of Attorney in place and you lose mental capacity it will be up to a member of your family or a professional person to apply to the Court of Protection for a Court Order appointing them as your Deputy, to enable them to manage your financial affairs.
This may not be the person you would have chosen, there will be a costly application and the cost will not end there. A yearly supervision fee must be paid to the Court and your Deputy will have to manage your affairs under the strict control of the Court. Many financial decisions will involve further costs. Your Deputy will have to prepare yearly reports to the Court.
This situation can be avoided by creating a Lasting Power of Attorney appointing someone of your choice. All your Attorney will need to do if he/she believes you are losing mental capacity is to register the document with the Court of Protection; this incurs a one off Court fee. Your Attorney will not be required to prepare yearly reports and will be free to manage your financial affairs as you have instructed.