When a person has not made provision for someone to act on their behalf to manage their personal and financial affairs and then is unable to do this because they become mentally incapable, it will be necessary to make an application to the Court of Protection for a deputy to be appointed. The deputy will then have the authority to deal with the financial affairs under the Order issued by the court.
Spearing Waite can assist with the initial application to the Court of Protection for the appointment of a deputy and the ongoing financial administration. We can also assist with further applications where permission is required to manage a person’s other affairs.
Becoming a deputy has legal responsibilities that are monitored by the Court of Protection and the decision to apply should not be taken lightly. The cost of applying to become a deputy and the ongoing annual administrative costs relating to being a deputy are greater than for an attorney and annual liability insurance is usually required. All costs are normally met from the client’s estate, thus reducing a family’s eventual inheritance.
Wherever possible, it’s always a good idea to arrange powers of attorney to avoid these applications and associated costs.
If you do not make a will, your property and other assets may not pass in accordance with your wishes. The future financial well-being of your family could depend on you having prepared an effective and valid will.
Have you considered who would manage your affairs if you became mentally incapable of handling matters yourself? The simplest way to ensure that someone of your choice is able to take care of matters on your behalf, if you are unable to do so, is to draw up a power of attorney.
The specialist solicitors in our wills, probate and trusts team can take away the burden of obtaining probate and help you ensure the wishes of the deceased are followed.
For more information on deputyship and the Court of Protection please contact us.
Contact the team below, or alternatively call on +44 (0)116 262 4225