Don’t assume relatives can just walk into a bank and access your money, even if it is to pay for your care. Unless you have a Power of Attorney already in place, loved ones would need to apply through court, which can be long and costly.
Power of Attorneys can be arranged for your loved ones to be able to make the right financial and/or health decisions on your behalf if you are mentally incapable of making those decisions yourself.
A Financial Power of Attorney allows you to remain in control of your finances now but allows friends or family you trust to act as your “Attorney” when you are
unable to do so.
Without a Power of Attorney in place your family may have to go to court to attain deputyship, a costly and time consuming process with ongoing annual fees payable
With a Health Power of Attorney your health and care decisions can only be made once you have lost mental capacity. An “attorney” can then generally make decisions about things such as where you should live or, your medical care, ensuring you are looked after the way you would have wanted.