Making complex decisions is a part of everyday life. Our capacity to make these decisions can vanish in an instant.
If you or someone you care for has become incapable of managing their affairs, a Financial Management Order may be an appropriate step.
A Financial Management Order allows a person to entirely manage the affairs of another person, giving them access to that person’s accounts in order to pay bills and other associated life expenses.
If you become worried about an ageing parent’s ability to manage their own affairs, it may be an appropriate time to apply for a Financial Management Order.
An order will only be placed if the Tribunal is satisfied that the person is no longer capable of managing their affairs, that there is a need for another person to manage those affairs and it is in the person’s best interests that the order be made.
A Financial Management Order won’t always be permanent. An interim order may be approved if a person is temporarily incapable of managing their affairs, for example by reason of injury.
In order to avoid the need for a Financial Management Order to be made, come and see Paul Lewers at Paton Hooke Lawyers to organise a Power of Attorney.
That allows you to choose who will be appointed to take care of your affairs in the event you lose that capacity.
Keep in mind a Power of Attorney can only be created while you still have capacity, so contact us today!
That’s smart thinking.