The Costly Consequences of Not Planning Ahead

John and Mary Smith, a happily married couple in their 70s, were enjoying their retirement. They had their wills in place, but had not considered a lasting power of attorney (LPA). Their son, David, lived nearby and helped them with various tasks. John, unfortunately, suffered a sudden stroke that left him incapacitated and unable to communicate. 

Without an LPA, Mary could not access John’s bank accounts, manage their joint investments, or make decisions about his care on her own. The bank froze John’s individual accounts, and as some of their assets were in his name only, they were unable to be managed. Mary had no legal authority to act on his behalf. 

To gain legal authority, Mary had to apply to the Court of Protection to become a deputy. This was a long, complex, and expensive process. It involved legal fees, court fees, and a lengthy wait for the court’s decision. Meanwhile, bills continued to pile up, and decisions about John’s long-term care were delayed, causing significant stress and financial strain on the family.