Interesting read about Lasting Powers of Attorney in the Financial Times. Lindsay Cook is co-founder of consumer website MoneyFightClub.com and explains her reasons as to why she would recommend preparing the documents.
Solicitors’ fees are much less expensive than the initial and annual charges of the Court of Protection. Also, by involving a professional, there is someone outside the family who knows who we have appointed as attorneys. Once you are no longer capable of making decisions, you cannot appoint who will look after your affairs. While dementia may be a slow-burn illness, a stroke or head injury can remove capacity in minutes. The trigger point for me and my husband was hearing about a woman who was unable to release funds by downsizing from her jointly-owned home after her husband had a serious stroke.