My spouse can look after my financial affairs if I lose capacity and am unable to do so for myself – Myth or truth? Private Wealth
This is a myth – unless you have a registered Lasting Power of Attorney (LPA) in place, naming your partner as your attorney, they will not be able to manage your financial affairs for you. If you do not have an LPA, a deputyship application would need to be put in place, but this can take many months to process and can be expensive. It is never too soon to register LPAs. The key is to register LPAs while you have capacity so that they are there and can be immediately implemented when needed.
For more details on this or for advice on any private wealth matter, call and speak to one of our team on 01782 205000 or visit our Private Wealth page.