The clients were referred to me by their financial advisor as they were concerned about their deterioating health following a recent health scare.
They wanted to be sure that their savings and investments would continue to be looked after if they were unable to do so.
We therefore discussed arranging a Lasting Power of Attorney. These are important documents appointing someone that you trust to continue to look after your financial affairs if you are unable to do so.
We had a long discussion regarding the importance of appointing the right people to act as your attorneys and following this I drafted a Property and Finance Lasting Power of Attorney appointing a family friend in whom they have utmost trust.
Sadly both now suffer ill health. However now that there is a Power of Attorney in place this has allowed the family friend to pay all outstanding bills, arrange care fees to be paid and to continue looking after their finances.
Without this important document in place an application would need to be made to the Court of Protection to appoint a Deputy to look after the couple's finances. This would have been costly, time consuming and put even greater stress on the family friend.