Court of Protection Solicitors
Financial Deputy Applications Advice
Apply through the Court of Protection to become a person’s financial deputy.
Financial Applications Solicitors
If an individual lacks mental capacity to manage their financial affairs and they do not have the sufficient mental capacity to prepare a lasting power of attorney, then someone is able to apply to the Court of Protection to become that persons financial deputy.
Why do I need to apply to the Court of Protection?
If someone is lacking mental capacity, they will not be able to manage their financial affairs and will need someone to manage these on their behalf. If they do not have a power of attorney in place, you will need to apply to the Court of Protection to become a financial deputy for that person, which is authorised by a court order.
What is a financial deputy?
A financial deputy is an individual or trust corporation that has been appointed by way of a court order to manage the financial affairs of a person who is lacking mental capacity. The deputy will be responsible for looking after the financial affairs of the person lacking mental capacity, which will include arranging personal spending money, sorting out bills and invoices, paying nursing home fees and sorting out benefit entitlement.
The deputy will have to submit annual accounts to the Court of Protection to evidence what they have done over a 12-month period.
Who can be a deputy?
Technically speaking, anyone can be a deputy, such as a family member or close friend, as long as they are over 18 and willing to act.
It is possible to have more than one person appointed, a common appointment is for two people which would give greater flexibility and also a back-up option should anything happen to one of the appointed persons.
If the person lacking mental capacity does not have anyone willing to act as deputy, then it is possible to appoint a professional deputy such as Brachers Trust Corporation Limited, who, once appointed, would manage the daily finances of that person.
The court process for obtaining this type of court order can be a long, drawn out process. The court will require evidence that the person is lacking mental capacity, evidence of the assets including capital and income, details of family members (close and distant) and details of any ongoing financial care arrangements. On average, this type of application can take up to seven months from start to finish.
How can we help?
For advice on becoming a financial deputy, please contact our specialist Court of Protection team who would be happy to assist on 01622 690691.
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