Lacks mental capacity?

Dr_Crypto

Fluctuating capacity (such as with severe mental illness) is really hard in terms of finances. Most of the options available are for those who are permanently incapable. 

The bank isn’t going to be equipped to assess where a customer is capable at any given time. 

jbuchanangb

A word of caution if you do have to appoint a Deputy for this person. Avoid at all costs appointing a solicitor as the a Deputy. I once knew a lady whose late mother, being aware that her daughter would not be able to manage her own affairs, thought it a good idea to appoint a Deputy to help her and appointed a solicitor. When I knew the lady, she was living on her own in a large house she had inherited from her mother. All her financial affairs were handled by the solicitors, who were of course billing themselves and paying themselves a humongous amount for the privilege. The large house had experienced subsidence, expensive insurance claims etc., and all had to be done by the solicitor, whose fees were on top of it all. Her friends could only look on helplessly.

headers47

I was was a joint POA For a relative for 10 years. Unfortunately the other POA withdrew and I was then unable to act on their behalf as the POA for finance was set up ‘Jointly’. The relative had lost mental capacity. I had to ask Another relative to take over the role when we went for a Deputyship as I am in failing health. It took 12 MONTHS to get the Deputyship put in place, cost 1500 quid. So make sure when you set up arrangements that they can stand the test of time and do it before you need it!