Have you considered who would manage your finances or personal welfare in the event that you were unable to make decisions for yourself?
Many people believe that their affairs will automatically be dealt with by their next of kin, but this is a fallacy. It is crucial that
legally binding documents are put in place prior to losing capacity. This is achieved by making Lasting Powers of Attorney to appoint
people you trust to deal with your affairs.
A Lasting Power of Attorney is a legal document where one person, known as the Donor, gives another person, known as an Attorney, authority to manage their affairs should they be unable to do so themselves. The Attorneys have wide powers to deal with all aspects of the Donor's property and financial affairs and they will continue even after the Donor has lost mental capacity, so it is vital that you appoint people who are trustworthy and have the appropriate skills to deal with your affairs.
Property and Financial affairs
Allows your attorney to deal with your property and finances, subject to any specific restrictions imposed by the Donor.
Health and Welfare
Allows your Attorney to make health and welfare decisions on your behalf, when you lack mental capacity to do so yourself. You can give your Attorney authority to give or refuse consent to life sustaining treatment for you.
A statutory Will is made by the Court of Protection for someone who does not have the mental capacity to make a Will.
Statistics have shown that over 60% of adults in the UK have not made a Will. Those who have become mentally incapable of
making a Will, may die without one or may have a Will that does not reflect their current circumstances.
The Court of Protection will endeavour to make the Will that the incapable person would have made if they had the mental capacity to do so.
A Statutory Will may be appropriate where a mentally incapable person: