The Court of Protection usually operates in a very quiet way, but the Daily Mail has raised a challenge as to how the Court manages funds for thousands of people who are unable to manage their own financial affairs.
In most of the 23,000 or so cases that go before the Court of Protection each year, the situation could have been avoided with a little forward planning. This is because their powers only apply if there is no other contingency in place as to who will manage finances for someone who is unable to do it themselves. If you have appointed a Power of Attorney then your financial affairs will be the responsibility of a trusted friend or relative. If not, then the Court of Protection is a very prudent safety net.
So if you want to ensure that your assets do not add to the £2billion apparently under the management of the Court, don’t leave it too late to set up your Lasting Power of Attorney.
Call us today to book your free 30 minute consultation and find out more about what you could do to protect your assets with a Lasting Power of Attorney.
Emma Fuller is head of the private client team at EHL; our solicitors in Loughborough are experts in their fields and dedicated to quality client care. If you would like to find out more about our solicitors in Loughborough please contact us.
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