I am always happy to explain the benefits of creating both the health & welfare and property & finance papers. But I was surprised recently by how many people held the misconceptions below.
Misconception #1 – Your Joint Bank Account is Still Accessible After an Account Holder Loses Mental Capacity
One common misconception is that if you have a joint bank account then you can continue to use it, if one of the account holders loses mental capacity. This is not the case. The British Banking Authority has a duty to protect the assets of the vulnerable person. So the joint account will be frozen.
Misconception #2 – You don’t need a Health & Welfare LPA to Make Decisions About a Loved One
Another was that you don’t need a health & welfare lasting power of attorney to be able to make decisions regarding the care of a loved one, should they lose capacity. Many believed that they would automatically be involved in the decision making process. This is not the case. However, with the document in place, the relevant authorities have to respond to the attorney as if they were the person they are acting for. Therefore giving that person a voice when they most need it.
Problems These Can Cause
Both of these are still commonly held views and both are things that are really important. Problems are caused by not being able to pay bills or having access to money held in a joint account. Whilst applying to the court of protection for a deputyship order your accounts will be frozen. The court may not even grant family members the deputyship order. In many cases the local authority are awarded the deputyship.
For the sake of a making these documents you can save a huge amount of worry and stress for the people you love. It will also ensure you continue to have a voice.
Phone: 01173 215858