Many people will sign Powers of Attorney which will allow chosen relatives to look after them and their financial affairs if they become unable to manage for themselves. However, some do not.
This is the real worry if people do not sign a Power of Attorney. Without a suitable Power of Attorney, if someone becomes unable to manage their affairs or make their own decisions, then it is usually necessary for a relative (or sometimes a close friend or adviser) to be appointed his/her official Deputy through the Office of the Public Guardian (the “OPG”). The Deputy when appointed would have general control over your affairs, subject to directions from the OPG. However
To complete the appointment of a Deputy usually takes several months at least.
The appointment incurs substantial costs and fees, year by year.
In difficult cases there can be serious disputes about the choice of who should act as Deputy.
The Deputy may have to refer back to the OPG if particular problems arise.
The Deputy must file annual accounts with the OPG and answer any queries they may have.
You may have little or no choice about the Deputy who is appointed.
For all these reasons we strongly advise you to complete suitable Powers of Attorney well in advance of possible ill-health, and will be happy to advise further on request.
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