The Mental Capacity Minefield
When a person loses mental capacity to manage their financial affairs, whether through accident or illness, family members or professionals are required to step in and deal with their finances on their behalf. They will have authority to do so as either Attorneys appointed by the person themselves through a Lasting Power of Attorney or Enduring Power of Attorney or a Deputy for Property and Financial Affairs, appointed by the Court of Protection.
Where the person concerned is in possession of significant sums of money their Attorney or Deputy must take appropriate steps to manage those funds, including consideration of investments and tax mitigation.
In this session Stellar’s Matthew Steiner joined Jemma Garside of Kingsley Napley to explain the duties of Deputies and Attorneys when making investments, how they must make decisions and common problems that arise.
They then explored some of the financial planning opportunities that may be available to Deputies and Attorneys.