With a growing ageing population we should all put in place safeguards to protect our finances in old age. However in the last 3 years there have been 100,000 police reports where victims of financial abuse have been aged over 65 years with many of the criminals being close relatives.
Yesterday evening’s airing of ITV Tonight “Elderly Theft: Robbing the Relatives” highlighted the problems of choosing the wrong Attorneys and not seeking professional legal advice to put in place appropriate safeguards.
A Lasting Power of Attorney allows you to choose an Attorney to make decisions about your finances, particularly when you are not capable of making these decisions for yourself. Appointing trusted Attorneys to act for you, with the appropriate safeguards in place, is the ideal situation, however choosing the wrong Attorney, or not having proper safeguards in place, can have disastrous consequences.
It is worrying that many people who have made a Lasting Power of Attorney have not sought any legal advice beforehand. The only way to ensure safeguards are in place is to include the appropriate clauses and restrictions, which is best done by a legal professional.
It is crucial that your Attorneys are people who are totally trustworthy, so that you and your finances are in safe hands if you become incapacitated. In suitable circumstances you may wish to consider appointing legal professionals as your Attorneys to be sure that your finances are safeguarded and that the correct procedures will be followed.
Susan Comrie, a Partner with Enoch Evans LLP, who specialises in the preparation of Lasting Powers of Attorney and the management of financial affairs states “For absolute peace of mind it is essential to obtain professional legal advice when drawing up your Lasting Powers of Attorney. Your legal advisor will ensure that all proper safeguards are in place and will explain the powers and duties of your Attorneys. Your Attorneys will also be advised of their responsibilities towards you.”
Enoch Evans LLP’s Private Client Department have specialist Lawyers who are experts at advising on Lasting Powers of Attorney. If you are worried about your existing Attorneys and the management of your affairs and require advice, or you require assistance to prepare Lasting Powers of Attorney please contact the Private Client Department on 01922 720333. or email firstname.lastname@example.org.