There may come a time in your life when you are unable to manage your Property & financial Affairs or personal Health & Welfare needs, owing to some form of incapacity and you will need someone to act on your behalf.
Even when we are young, we can find ourselves incapacitated due to illness or injury and it can be invaluable having a reliable person, who you know and trust, who is able to make decisions on your behalf.
Your chosen person, or people, would be able to manage your Property & Financial Affairs, removing the anxiety of having unpaid bills, or make decisions about your Health & Welfare needs, ensuring you are cared for in the way you would wish, at a time when you most need peace of mind.
Creating a Lasting Power of Attorney in advance, ensures that if the worst were to happen, you can rest assured that your Property & Financial Affairs and personal Health & Welfare needs are in safe hands.
Unfortunately, once you are unable to make decisions for yourself, for any reason, you can no longer put in place Lasting Powers of Attorney. This means that the Court of Protection can step in to take control of your Property & Financial affairs and the Local Authority & Medical Profession would look after your Health & Welfare.
Even if you have a Joint Bank Account, if one of the account holders was to lose capacity, Banks & Building Societies can decide to temporarily restrict the use of the account to essential transactions only (for example, living expenses and medical or residential care bills) until a deputy has been appointed or a power of attorney registered (source: British Banking Association Guidance for people wanting to manage a bank account for someone else).