Good Morning Britain star, Kate Garraway has spoken publicly about her financial worries, whilst her husband Derek remains in hospital having been in a coma due to the coronavirus.
Unfortunately, it is a timely reminder of the importance of Lasting Power of Attorneys (LPAs).
Derek was diagnosed with coronavirus back in March 2020, but remains in hospital battling against the virus’ aftermath. This has left Kate alone, to parent their two children and deal with all of the finances.
She has talked openly of her struggles of not being named as Derek’s attorney especially as most of the finances were in his name.
She said: “One of the practical problems – which a lot of people would’ve experienced if they’ve got the absence of someone in their life – like many things the car is entirely in Derek’s name, the insurance is in Derek’s name, a lot of our bank accounts” …. “which is making life very complicated because I can’t get access to things.” …..“Because legally I haven’t got Power of Attorney. And all this other stuff that goes on when you’re dealing with a situation where someone’s been sick for a long time.”
To add to her stress, the family car was stolen. Without a Power of Attorney, because the insurance was in Derek’s name, resolving the situation with the insurers was not as straight forward as she had hoped. Without instructions from the policyholder (Derek), the insurance company cannot readily deal with a situation such as Kate’s without a Lasting Power of Attorney.
So, whilst many of our clients may initially contact us about a Will, we also advise them about the benefits of an LPA. Especially as Kate’s experience clearly shows LPAs are not just for when we are elderly or vulnerable.
If Kate and her husband had put Lasting Powers of Attorney in place, whilst the situation would have still been difficult emotionally, the practicalities of dealing with everything from the insurers to the banks would have been so much easier. This would have taken a huge weight off during a very difficult and stressful time.
Instead, Kate will now have to go through a lengthy and complex and expensive Deputyship application with the Court of Protection for permission to become her husband’s deputy. Having dealt with numerous
Deputyship cases the time taken to approve can take up to 2 years during which family life is severely impacted.
For further advice on how we can help draw up the right Lasting Power of Attorneys for you, call us now on 01299 251442 or email us at: firstname.lastname@example.org