Author: Helena Luckhurst
This article is taken from Helena Luckhurst’s blog The Wealth Lawyer UK
When a person loses capacity to look after their UK situated assets, usually someone has to assume responsibility for their management. The well advised have often made an Enduring Power of Attorney, or nowadays, a Lasting Power of Attorney naming someone they trust to act as their attorney. For everyone else, there’s the Court of Protection, which will name whomever the judge deems most appropriate to deal with the assets (known as the deputy).
Given how common losing capacity is in our long-lived population these days, it’s surprising that it’s taken this long for a few cases to come along to clarify how attorneys and deputies should invest an incapable person’s (the donor’s) assets and the parameters of acceptable gifts that can be made. However, like the proverbial London buses, indeed they have come together this summer, in the guise of Re Buckley, Re GM and In the matter of Joan Treadwell.
So, if you are an attorney or deputy yourself, or advising those who are, here are some headlines from those cases:
Transactions with the donor’s money:
The Court of Protection judge also extolled the virtues of attorneys and deputies being familiar with the Mental Capacity Act Code of Practice, as they will be judged by reference to it. In fact, that is not bad advice for anyone whose job involves looking after money for donors.
Helena Luckhurst, Partner, Fladgate LLP (firstname.lastname@example.org)