It’s often thought useful to create a Lasting Power of Attorney, in case you lose capacity. Close family or trusted persons might otherwise be unable to access your bank accounts, sell your property etc., without the cost and delay of applying to the Court of Protection, to appoint a deputy, to manage your affairs, if you suddenly lost capacity.
But there are down sides writes Julie Bradwell, Dispute Resolution Solicitor with Ware & Kay. “I often see siblings at war, who have lost trust in close family members, often brothers and sisters and allege the sibling, appointed Attorney, under a Lasting Power of Attorney, is taking unauthorised money from their loving parent’s bank accounts for themselves.
Equally, there are tragic cases of parents who genuinely wanted to make a generous financial donation to their adult child…