Incapacity can strike suddenly at any stage of life. An accident or illness may make the everyday routines of paying bills, managing a budget and making financial decisions difficult, stressful and, in some cases, impossible.
The solution is to appoint someone while you are still mentally capable, to look after your financial and legal affairs and act on your behalf if necessary. You can do this by making an ‘Enduring Power of Attorney'.
If you do not have an Enduring Power of Attorney then, in the event of your mental incapacity, an application will be made to the court on your behalf for someone to be appointed to look after your affairs (called a “Committee”).
This process is lengthy, expensive and the Court might appoint someone other than the person you would have chosen. In most cases it is best if you make an Enduring Power of Attorney so you can ensure that the person given the role of taking care of your financial affairs is someone you have chosen.