Managing Affairs

"I LOOK AFTER MY OWN"

You are able to look after your own money every day, and you make take this ability for granted.  But have you thought what would happen if you couldn't?

If you were to lose mental capacity (due to dementia, illness or accident) you may no longer be able to make your own financial decisions.  This could happen to you at any age.

This is a real risk for all of us, so it is important to know what steps you can take now to chose somebody you trust to manage and protect your financial well being in the future.

Are you making arrangements now for your own future?

One way is to make an Enduring Power of Attorney (EPA).  An EPA allows you to choose someone you trust (an attorney) to manage your financial affairs, in the event that you become unable to do so yourself.

You should be aware that an EPA is a powerful document, and could allow whoever you have chosen to have unrestricted access to your finances.  If you have an EPA and then lose your mental capacity, whoever you have chosen to manage your affairs, must register the document with the Court of Protection before they can legally begin (or continue) to use it. 

What if an EPA is not for you?

You may feel that an EPA is not right for you.  If this is the case and you lose capacity to manage your financial affairs in the future, a relative, friend or professional can apply to the Court of Protection to be appointed as your Receiver.

The Receiver will be responsible for managing your financial affairs, and has similar responsibilities to an attorney.  The Public Guardianship Office helps Receivers to carry out their duties properly, and Receivers are monitored to ensure that they are acting in your best interests. 

"THEY COPE ALL RIGHT"

Do you know someone who might benefit from appointing an attorney who could act for them in the future?

Anybody over 18 can make an EPA.  You probably know someone who might benefit from having an EPA, e.g. your own parent, brother and sister, or other relative, or an elderly neighbour or friend.  If so, we can advise them on the best way to proceed.      If you feel that this person may need financial protection, then we can advise on what steps should be taken to ensure that this person is protected.

" FINANCIAL ABUSE - DO YOU MEAN DOORSTEP CONMEN?"

Are you aware of financial abuse?

Research has shown that the most likely candidates of financial abuse are single elderly people.  Vulnerable adults are at the greatest risk of financial abuse when a non related person is living with them in their home.

People with mental incapacity are often highly vulnerable.  Without the right protection, they can be at risk of financial abuse, and could even lose their home or their savings.

What is financial abuse?

The term "financial abuse" covers situations where an abuser (sadly, often a relative) misappropriates a vulnerable person's money and/or other assets through various means e.g. theft or fraud, or miss-uses or wrongfully spends assets while having legitimate access to them, or fails to use a vulnerable person's assets to meet that person's needs.

Do you know someone who may be suffering financial abuse?

If you suspect that someone is being financially abused, we can advise you on the steps to take.

"I DON'T KNOW ANYONE WHO WOULD BE MY ATTORNEY"

We can look after your financial affairs for you

If you are a single person with no family, and are unsure as to who to appoint as your attorney, or if you would prefer not to appoint a family member or friend as your attorney, then we can act as your attorney.  As lawyers, we are duty bound to look after your best interests at all times.  You could be confident that we had no interest which might conflict with your own best interests (This can sometimes happen where a family member who is an attorney is also a beneficiary under your Will).  You would also have the comfort of knowing that we are fully insured, as insurance cover is compulsory for all firms of solicitors. We are also strictly regulated by the Law Society.

We are finding that people are receiving mail-shots from individuals or companies who are offering to act as your attorneys.  We would advise you to be very careful as such people are not usually lawyers, and are therefore not regulated by any governing body, and are usually not  covered by insurance.  It is essential that you only appoint as your attorneys, people whom you can completely trust with your money, your home etc.  It is essential that you do not entrust such a vital function to anybody who simply sends you a mail shot, or happens to be a local odd job man, gardener or informal carer.  Carers are to look after your physical and personal needs, and sensible carers would not wish to have anything to do with your finances or be appointed your attorney, nor should their employers allow them to do so.  We would advise that utmost caution should be exercised if a carer, or anyone else who is not a properly qualified legal professional, suggests that they should be your attorney.  You could be at risk of being the victim of financial abuse.

If in your particular circumstances, you do not have anyone to appoint as your attorney, then we have Partners in our firm who are very experienced in handling this type of work, and could look after your financial affairs for you.  Partners in our firm can also be appointed as Receivers when the Court of Protection is involved where no valid EPA exists.  This is a specialised area of work, and one in which we have extensive experience.

From March 2007, because of a change in the law (the Mental Capacity Act 2005), a new type of power of attorney called a "Lasting Power of Attorney" is being introduced but any EPA made before this change will remain fully effective under the new legislation.

Please contact us for further information.