According to Martin Lewis, in many instances, yes!
Don’t forget that a Lasting Power of Attorney is used during your lifetime, it is not used once you have died. You appoint attorneys to manage your affairs if you are unable to do so either temporarily or permanently.
You may not be able to cope because you have lost mental capacity or because you are physically ill. You may have cancer and be unable to deal with paying your bills, your bank, social services or care home provider.
Unfortunately, if you do not have a Lasting Power of Attorney in place, then it may become impossible for your family to immediately assist you financially or to make decisions about your healthcare needs.
Increasingly our clients at Emmersons Solicitors are asking their attorneys to step in and help run their affairs when they are simply too tired to manage things themselves. They have not lost mental capacity. However, they do not have the energy to battle their way through the banking system, or to sit on hold for hours at a time trying to speak to a human being at their electricity or telephone company.
On the other hand some of our clients need help from their attorney on an urgent basis;
What would happen if you suddenly took ill?
Would your bank immediately freeze your accounts?
Do you realise that if it comes to the attention of your bank that you have any type of mental impairment then they can freeze your bank accounts in order to protect you?
Many families are finding that they need to provide urgent care for their relatives as a result of a medical crisis. Unfortunately, without a Lasting Power of Attorney, those family members are unable to access their relatives’ bank accounts.
If this happens to you, and there is no Lasting Power of Attorney, then it can take up to a year for a family member to be appointed as a Deputy under the Court of Protection. In the meantime, it would be left to your family to find monies to help you. This is adding to what is already a stressful situation.
What if you can’t access your pension?
Do you use drawdown from your pension?
Did you know that some pension providers are refusing to take instructions from their older clients unless a family member acts as an Attorney under a Lasting Power of Attorney.
Pension advice is complicated and pension providers are worried that their clients do not have sufficient understanding when it comes to using their pension pot.
If you use your annual drawdown as a source of income, you may find that you are suddenly blocked from accessing this money. It’s a frightening prospect!
At what age is your pension provider suddenly going to decide that you no longer understand the advice given to you when you ask to drawdown your funds?
Thanks to the efforts of Martin Lewis many more people are now making a Lasting Power of Attorney. Perhaps now is the time for you and your family to have the Lasting Power of Attorney conversation.
If you require any further advice please don’t hesitate to contact me our our award winning team at enquiries@emmersons-solicitors.co.uk