Power Of Attorney
If an accident or illness strikes, and capacity is lost, then without a registered power of attorney, your assets, savings, and bank accounts are likely to be frozen with immediate effect. This can even include joint bank accounts, potentially freezing the savings belonging to your wife or husband too. Your spouse may know all your bank account numbers, but they would no longer be legally allowed to access them. And sadly, if such an illness struck, then you are no longer able to apply for a power of attorney—it's too late.
Instead, your family will be forced to apply for a guardianship order through the court system—which can often cost several thousands of pounds and may take up to a year to get it in place. Until then, all your assets and cash remain completely inaccessible.
Don't leave your family powerless to support you at your time of greatest need—make sure you have your power of attorney documentation in place whilst you remain fit and well. Family will only be able to use it if ill-health strikes, so you remain in full control until then.