Unfortunately it is possible that a situation might arise in which you might find yourself incapable of managing your affairs for reasons of illness, accident or enforced absence.

In such circumstances, your spouse or next of kin does not have automatic control over your finances. Financial institutions will not allow your loved ones to release or transfer assets (should they be needed) without there being one of the following in place:

a) Deed of Enduring Power of Attorney

The granting of an Enduring Power of Attorney is a helpful and practical solution to what would otherwise prove to be a difficult and complicated situation. The Deed allows you to appoint one or more individuals who would be able to do virtually anything which you could have done yourself. The deed may have immediate effect or it may be held in reserve until such time as its use is required or necessitated by circumstances.

If the donor (the person who grants the Enduring Power of Attorney) becomes incapable of conducting their affairs, I can assist you in registering the power with the Court of Protection/Public Guardianship Office.

Powers of Attorney are being replaced in late 2007 with Lasting Powers of Attorney. The Lasting Power of Attorney will allow the donor to appoint an Attorney to make decisions not just in relation to their finances but also with regards to healthcare matters. More information will appear on my website in connection with this nearer the time.

b) Receivership Order

In the absence of a Deed of Enduring Power of Attorney then your affairs would have to be placed in the hands of the Court of Protection.