The transfer deadline day is a day in which all football fans get excited as it’s their teams last chance to wrap up business up until the new year. The transfer window this year is closing 3 weeks earlier than usual.
With the transfer deadline getting closer for all premier league club there are many questions and rumours flying around, will Spurs sign anyone? Who will reject Manchester United next because of Jose Mourinho? And will it be Liverpool’s year this year?
One thing that is as certain as Harry Redknapp signing Niko Kranjčar is that football fans across the world, will be excited to see what business their teams can complete before the 5pm deadline.
To appoint a Lasting Power of Attorney there is no deadline as such but appointing someone in an appropriate time frame is highly advisable.
To appoint someone as an LPA only costs £82.00 which is only 0.000041% of Neymar’s world record transfer of £198,000,000 between Barcelona and PSG in 2017. You could argue which one is best value for money, I would suggest the creating an LPA.
There are 2 types of LPA; Health and Welfare and Property and Financial affairs. You can have separate attorneys for each of these who will be responsible for making decisions in your best interest. This could be a professional or a family member or friend.
You can only create an LPA if you have mental capacity and if you are over 18. This leaves a wide scope to make an appointment with the main restriction being that you must have mental capacity.
According to www.alzheimers.org.uk 850,000 people in the UK have dementia with another 225,000 going to develop it this year. 1 in 6 over 80-year olds suffer with it and there is no time frame to when dementia can start.
When setting up LPA’s you state your wishes that would be carried out if you were to lose capacity. These can include anything you want from what health care you want to who will cut your hair and what football shirts you would wear. You can make wishes for your finances to be controlled in certain ways as well through your property and financial affairs LPA. The instructions in the LPA form must be carried out whilst preferences are wishes (and not binding). Dealing with your finance can be overwhelming for some and it is advisable to select an attorney who is capable. You are unable to appoint someone who is bankrupt or having committed fraud to look after your finances. They can however look after your health and welfare.
What would happen if you don’t have a LPA and you lose capacity? The answer is Deputyship. A deputy will be appointed through the Court of Protection. They may select a professional like Professional Deputies (who also act as an attorneys where needed) or it may be a close family member. This may be someone who you would not have appointed may take care of your finances and health decisions. There have been cases where banks have frozen accounts due to the person in charge not having sufficient capacity while Deputyship is being set up which can be extremely upsetting for the family. This was documented on the One Show.
There can be a great burden with being an attorney, equally there is no limit to how many attorneys you can appoint. We suggest common sense is applied. Too many may make things unworkable. You can appoint a professional organisation to ensure your wishes are carried out as you wanted them. They will act on your behalf and make sure everything is taken care of exactly how you would have wished in both health and finance. They can work with your family and friends or on their own to make sure you live the life you want. The SWW Trust Corporation offer this service.
The window may be open for you to make an LPA now but there is no guarantee when the window will close.
This article was written by Oliver Bartlett from the SWW Trust Corporation.