Why an LPA is as important as a Will - Just ask Kate Garraway
Posted on 20th June 2022 at 11:45
Kate Garraway, a successful TV presenter on GMB, ITV Life Stories and Smooth Radio knows the importance of protecting her assets. She clearly thought she had taken care of all her future life planning with her husband Derek Draper. Unfortunately, Derek took seriously ill with Covid and ever since she has been living a nightmare. Struggling financially as well as emotionally, Kate has been tirelessly looking after Derek in his time of need.
In Sickness & In Health?
Most of us would assume that when you marry someone, you automatically have the right to any joint bank accounts and to take care of them should they fall seriously ill. In fact, when I got married many years ago, I took the vow to look after my beautiful wife “in sickness and in health”, but this isn’t necessarily the case.
For me to have the right to manage my wife’s health and financial issues, I must have a valid Lasting Power of Attorney (LPA) in place that is registered with The Office of Public Guardian. If my wife were to become seriously ill and she didn’t have an LPA, our joint accounts would be frozen. It would cost a lot of time and money (including going to the court of protection) to rectify this - and for most people this isn’t a luxury they have.
The Impact of Not Having an LPA
Kate’s story explains how not having an LPA has affected her.
“Kate explained that she is facing legal difficulties that have stopped her from accessing Derek’s bank or credit card accounts, the couple’s joint savings account and she hasn’t been able to refinance their mortgage due to Derek being the account holder and her not having power of attorney.
Appointing each other as power of attorney was a conversation Kate and Derek had previously had, with Kate admitting: ‘We had a whole conversation and Derek said we have to appoint power of attorney in case anything happens.
‘He said I’d be his. And I’m sure I made some kind of joke, saying, “Well, you’re not being mine.” And we were laughing and having all these sorts of jokes.’
She said: ‘So I know we’ve had that conversation. But it isn’t logged anywhere. Or if it is, I can’t find it.”
Source The Metro 14th March 2021
It Can Happen to Anyone
Nobody likes to think something bad will happen to them, but Kate’s story proves it can happen to anyone. Make sure you protect your future self and your loved ones. You never know, something similar could happen to you.
Peace of Mind in Less than 20 Minutes
Making a valid LPA online or over the telephone with Jam normally takes less than 20 minutes and can be done in the comfort of your own home. As well as providing you with peace of mind for yours and your families future, we are also keen to protect the environment. For every client that engages on our website, we proudly collaborate with (more:trees) to ensure a tree is planted on their behalf.
“Make sure you complete your life admin tasks and help preserve your assets, loved ones and our environment for tomorrow.”
Tagged as: LPA
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