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Powers of attorney – can you afford not to have them?
With house or car insurance you hope never to make a claim but you still take out a policy.
It is the same with lasting powers of attorney (LPAs). If you do not have them in place and cannot deal with your own affairs, the impact
on your family is huge. The following story is true and shows what can happen.
*Margaret’s husband John was only 64 when he had a severe stroke and was rushed to hospital. He came home after five months but could not walk, talk or make himself understood. With help from Social Services and her grownup children, Margaret was able to cope with her new full time job of looking after her husband – but money was a problem. Most of the savings were
in John’s name so Margaret could not access them. Even joint accounts can be frozen in such cases. Margaret thought she needed a lasting power of attorney but, because John was unable to communicate, it was too late to set up an LPA. The only option was to apply to the Court of Protection so that she and the children could act as court deputies on John’s behalf.
It cost Margaret £1,555 to apply to the court and it took seven months for them to be appointed as deputies. They have to pay £30 a year for a court insurance bond and £300 a year for the court to ‘supervise’ them. They also have to submit accounts every year showing how they are dealing with John’s money. They were lucky. In many cases, it takes much longer for a court decision and the insurance bond can be hundreds of pounds a year. All of this could have been avoided if they had existing LPAs.
*Names have been changed to protect identities.
For help with Wills, Powers of Attorney, Probate & Funeral Plans Contact: Peter Camrass DipPFS Aff.SWW Call: 01622 720985 or go online:
www.camrasswills.co.uk
Albany Funerals “
They are bright, normal, businesslike, kind and absolutely genuine. We think they’ll look after you well, in the way you’d like to be looked after. You’ll be able to create a fine and appropriate send-off at a price that will reflect good value for money.
They are a class act. Good Funeral Guide ”
669 Loose Road, Maidstone ME15 9UX (off-street parking) 01622 746 688 (24 Hours) www.
Albany-funerals.co.uk
Maidstone South January 2016 19
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