It is important to consider appointing an attorney to have control of your finances in the event that you become incapable of managing your own affairs, failing which a Deputy may be appointed by the Court of Protection to manage them for you and unfortunately sometimes this can result in mismanagement of your financial affairs. In the case of GM two relatives were appointed to act as her deputies on her incapacity but abused their position of trust to fund a lavish lifestyle. They spent £230,000 GM's money on purchases of designer handbags , a Rolex watch and jewellery, computers, a Mini, and a Ford Fiesta as well as giving gifts to their relatives all without GM's consent.
‘Unfortunately, a lot of people are leaving it too late to set out their own wishes, and with people living longer the slide into incapacity can be quite gradual,’ she said. ‘While people remember to make wills, they often forget to make provision should they become mentally incapable.’