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Lasting Powers of Attorney – Safeguarding your assets for the future

2016-11-09 08-04 Copy of PC-LPoA

On Wednesday 28th March 2018 a 40 year old woman was given a suspended jail term at Chester Crown Court for stealing £43,000 from her own mother who was residing in a care home.

Cassie Stubbs, daughter of Rosita Stubbs who suffered from schizophrenia, had sole access to her mother’s bank accounts to buy her favoured cigars. Stubbs would take the cigars and some money to her mother at her care home.

Rosita’s social worker found bank statements with a large number of fraudulent transactions by Stubbs, reducing the balances on her three accounts to 87p, 18p and 11p respectively. Stubbs’ mother died in September 2017, aged 68, leaving her family to pay all of her funeral expenses and debts.

Having a Lasting Power of Attorney (‘LPA’) in place could prevent this from happening to you, by appointing attorneys who you know you can trust to act in your best interest.

An LPA for Property and Financial Affairs allows you (the donor) to appoint an attorney or attorneys to manage your financial affairs on your behalf, should you become either physically or mentally incapable of doing so for yourself. After the document is signed by all as required it is then registered with the Office of the Public Guardian (‘OPG’) and they can assist if there is any financial abuse of the donor that is reported to them.

Once your LPA has been registered with the OPG you can choose to lodge it with any financial organisations you deal with so that they are aware that you have appointed specific attorneys to act for you. This ensures protection from unauthorised access to any accounts that you may have and provides peace of mind for anything that may happen in the future.

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