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Financial issues for the elderly

You may have found that you have reached a stage in life where you think you will need somebody else to manage your affairs for you. Or you may be the relative of somebody in that position.

You can give a friend or relative a power of attorney over your affairs that will allow them to act on your behalf if things become too much for you. If someone close to you has already lost the capacity to deal with their affairs you can apply to the Court of Protection for authority to do so on their behalf.

Solicitors can help you draft the necessary documents and can even be appointed as your attorney and represent you in the future. They can also give advice on financial matters for elderly people such as releasing money from the home through equity release and funding long term care.

Lasting power of attorney

You can give someone power of attorney while your mental faculties are still strong but you must register it with the Office of the Public Guardian for it to have any legal effect. There are two types of lasting power of attorney in England and Wales –

• Property and affairs lasting power of attorney. This allows you to choose someone to manage your money and other assets.
  
  
• Personal welfare lasting power of attorney. This covers decisions about healthcare treatment and your accommodation.
  
  

Scotland has three types of power of attorney – general, continuing and welfare.

Solicitors’ charges

These vary depending on the type of firm you instruct and the level of experience of the solicitor dealing with your case. This is a specialist area of the law and it is worth finding an expert in this field.

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