After a year long campaign by a carer of a disabled son Ministers and MP’s are calling for banks to improve services offered to carers and those operating bank accounts on behalf of elderly or disabled relatives.
According to an article in the Mail on Sunday there are approximately six million people caring for spouses, parents or other relatives many of whom are having to manage finances on behalf of their loved ones. This causes complex issues for Banks and Customers alike. The best move for customers is to ensure the right legal authority is in place and this is to establish a Power of Attorney. Such Power must be created before incapacity takes place otherwise there is a long and costly procedure through the Court of Protection to establish a deputy to manage the financial affairs of the person incapacitated.
A Power of Attorney is as important a document as a Will. It is relatively inexpensive to produce and can be registered with the Office of Public Guardian at any future date . It saves much unnecessary distress and heartache at times when accidents,illness and incapacity occur.