Property and Financial Affairs Lasting Power of Attorney

Lasting Power Of Attorney:

The process of divorce involves a lot of complex affairs. One of them being the property and finance affairs which include the distribution of the assets with the help of the power of attorney. Those couples who are taking the help of Family Mediators in Mansfield or Family Mediation service in Mansfield have to know that Property and Financial Affairs’ lasting Power of Attorney is something really important. Lasting Powers of Attorney were created under the Mental Capacity Act 2005 for protecting all those who have mental capacity.

This means that you have legal names the people whom you can lay your trust and who have the access to deal with your financial affairs if you lose your mental condition to take any decision. The Property and Financial Affairs Lasting Power of Attorney can be used even when your mental condition is absolutely fine. For example, a client suffers a stroke and stays inside his house even after being mentally stable. He has an account on his name with a Building Society. He wanted his wife to withdraw some money for her to buy a Christmas gift. The building society will not allow her to withdraw the cash unless there is no signature. But then she had the Power of Attorney which gave her the right to take control of the cash. She signed and withdrew the money for herself.

If a house owner loses the mental capacity the selling his/her property without having a Property & Financial Affairs Lasting Power of Attorney will be a difficult process and would cost too much. The decision that if the Property & Financial Affairs Lasting Power of Attorney is in place or not will be made the Court of Protection. Their job is to make sure that they protect all those who are vulnerable, those who have lost their mental capacity and strength to make any decision. They will have the power to freeze all the assets of the concerned person. It doesn’t matter whether they are married or single nor have any children to look after them.

The family will have to apply at the Court of Protection for seeking an order which gives them permission to access the savings or the investments. This is called granting a Deputyship. In order to become a Deputy, you have to pay a lot of money. It is a time-consuming process that can take as long as 5 months to get completed. The family will not be able to access their own funds for those 5 months. Even if the deputyship has been granted even once, there will be a restriction on the family regarding how much they can spend and they will have to present an account of all their expenditures to the Court of Protection.

Since the loss of mental capacity can occur anytime, it is important to make Property & Financial Affairs Lasting Power of Attorney. You should not delay this process and get this done as quickly as possible.

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