When a person has lost capacity (Alzheimers, dementia etc.) and can no longer retain information and make decision, it is too late to set up a Lasting Power of Attorney.
Instead, the only option for those closest to this person will be to make an application to the Court of Protection to become a deputy of the Court, in order to act for the person who has lost capacity in relation to property and financial affairs, and (if you are lucky) health and personal welfare. In the vast majority of applications, only property and financial affairs will be granted, and the powers given will usually be restricted to dealing with the basics, like the bank account.
It generally takes 6 months and is be expensive, not just to set up, but also on an ongoing basis too because the Court see ‘risk’ in that someone else is managing ‘their client’s money so a security bond (an insurance) will be necessary. If you think this is onerous, as the Deputy, you will get a form every year to complete that explains what you have done with the money.
In addition to the rules laid down by the Mental Capacity Act 2005 there are extended rules regarding the deprivation of liberty safeguards (DOLS) that protect the interests of the extremely vulnerable, such as those in hospital or care homes.
What you need to know is that there isnt any alternative, this route is the only option if you plan to stay on the right side of the law.
If you need help, please contact us, we can help you.