The Daily Mail’s front page headline had particular significance to Andrew Revitt, Director of Legal Services here at Lifetime.
The lead story title reads ‘Secret court in control of a £2billion fortune: It holds the assets of 16,000 vulnerable people – but pays them paltry interest.’
Andrew has been helping to spread the word about this little known Court of Protection, providing clients with a legal solution to help prevent money being locked down if of you become mentally incapable due to accident or illness.
It is a fate which is becoming increasingly common as the headline suggest but it is easily avoided with a legal document known as a Lasting Power of Attorney.
Andrew Revitt stated: “Without a Lasting Power of Attorney close friends and family (including your spouse/partner) do not automatically have the right to look after your financial affairs.
“If you are deemed mentally incapable it is bank or building society practice to freeze ALL joint or sole accounts until you have an order from the Court of Protection.”
What would happen if something happened to you? Would your family be left unable to pay bills and fighting with courts to support themselves at one of the most distressing times in their lives?