A common reason for not making a Lasting Power of Attorney is a persons worry that they may lose control over their finances. So let me tell you about Bob and Jean.
Bob and his finances
Joan’s father Bob was always very sharp financially and very aware of what he should do about money, he kept an eye on interest rates and read about share prices, he is a very intelligent man.
Looking after own finances
He worked until he was into his 70’s, doing various part-time jobs, and there was money coming in from various sources. He had sensible and clear financial arrangements, a lot of which he had now forgotten.
Joan said 10 years ago her father was doing OK and changes were really gradual, it can be very hard to tell when someone’s mind isn’t working as well as it was. Joan said she didn’t’ want to believe it was happening, she explained that he became less sharp and more forgetful, and then he started getting in a panic about his finances, particularly about interest rates and became really worried about if he had funds in the correct accounts to gain the best interest and if he should sell certain shares.
Bob who was always very organised began to loose paperwork and get mixed up and became really preoccupied with his finances, he became quite agitated and distressed and was constantly writing lists. Eventually Joan broached the matter with her father and asked if he wanted some help. Joan said it was really hard to suggest to her father that he was not fully coping she knew her father wanted to know he was still in control of his own affairs but he needed support. Bob seemed pleased to have her support and realised that he was struggling.
Talking to us
Joan and Bob came to see me. We talked about Lasting Power’s of Attorney and how they can be set up so that Joan can help dad with his finances but only as he wanted. Bob was reassured that appointing Joan as his Attorney did not mean he had passed total control of his finances to Joan, rather she could help him when needed. I also chatted to Bob alone whilst Joan waited outside, it was clear he understood his situation and could make his own decisions but just got a little mixed up.
Peace of mind
After the Lasting Power of Attorney was completed, Joan and her dad contacted the banks and organisations and arranged for the LPA to be registered. It meant that Joan could keep an eye on things and guide her father but also that Bob could still be in control.
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