Losing the power to manage your spouse’s affairs can prove costly
It was heartbreaking to watch my wife's health deteriorate through Alzheimers but by then it was too late to sort out 'enduring power of attorney'. Although she was my wife I didn't have the authority to take control of her finances.
"It was very frustrating as I had to seek permission through the court of protection for almost every financial transaction. When I was named 'deputy' it gave me a little more autonomy for day to day issues but anything major had to go through the court which could be long winded and costly. The frustrating thing was it was on my 'to do' list to sort the enduring power of attorney issue out. Before I knew it, it was too late," John Ayland, 76, a former civil servant lives in Nottingham.
Sadly, Mr Ayland's story isn't an isolated case as it's estimated around 70% of people do not have a will and it's predicted far more than this figure don't have lasting/enduring power of attorney in place.
By not having a lasting/enduring power of attorney it means no one, not even a spouse has the right to manage the affairs of their husband or wife if they are not physically or mentally fit to do it themselves. The spouse or family member has to make an application to court to become a 'deputy' which gives them the responsibility to manage their affairs.
This still doesn't give the individual autonomy to do as they wish as they are still supervised by the court and decisions can often take months to be approved and can cost around £400 in fees.
"My husband had a cerebral haemorrhage six years ago and lived for six weeks after it happened. In that time he couldn't communicate and really wasn't aware of his surroundings. It made me realise how unpredictable life can be and how you can't delay getting your affairs in order. After his death I amended my will. A trust fund had already been set up for my daughter who has downs syndrome but my son is now my enduring power of attorney," Madge Hardie, 72, lives in Manchester.
Dominic Baldwin from Xentum Wealth Management said: "The majority of my clients do have wills in place but it's not a given. In short, there really is no excuse for not putting in place a will and a 'lasting power of attorney'. It saves your loved ones much time, money and heartache when they are trying to cope with the fact that you are seriously ill or injured. I've now made it compulsory that all our clients set this up as it saves further upset in the long run."
