I’m married. Is it necessary to put an LPA in place or can I leave the running of my finances
I think one of the most common misconceptions about a person who loses mental capacity is that their spouse will be able to continue to manage their finances for them. Sadly, without an Lasting Power of Attorney in place, this is not the case.
Many people assume that the person in the couple who retains mental capacity will continue to be able to access and run the joint bank accounts, but this is not the reality. Most banks will freeze the bank accounts to protect fraudulent use which can be hugely frustrating and inconvenient at an already difficult and emotional time.
To avoid this scenario, it is highly advisable to put Property & Finance LPAs in place while both people in the couple still have mental capacity. That way, should the time come where one of you lose mental capacity, the person who has retained capacity will be able to show the original LPA document to their bank and continue using the accounts in a straightforward manner.
Without a registered Property & Finance LPA in place, it may be necessary to obtain a deputy order from the Court of Protection which can be a lengthy and costly process.
If you would like to discuss any of these matters, or if you simply have some unanswered questions, please do not hesitate to get in touch.