Lasting Powers of Attorney are an insurance policy against problems caused by illness or accident. If you are incapacitated and can’t manage your own finances you have chosen attorneys who can take over your affairs.
It is too late to make a Lasting Power of Attorney after you are incapacitated. Your affairs are then frozen, your bills can’t be paid and your relatives are forced to apply to the Court of Protection for a Deputyship. It takes at least 6 months to get a Deputyship and is an expensive process. It can be divisive if it isn’t obvious who your Deputy should be. The Court of Protection monitors the Deputy and charges an annual fee (currently £320).
It is much better to get a Power of Attorney before it is needed.
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