File on 4 – Radio 4 – 27th July 2010-08-04
Neil Barker was in a motorbike accident that left him with serious brain injuries. He was later awarded compensation £1.7m. His Solicitor, who had dealt with his personal injury claim, was then appointed as his Deputy by the Court of Protection to deal with his financial affairs on his behalf.
Neil Barker’s compensation was paid into the Court Funds Office. Whilst on the road to a full recovery, Neil discovered that has his money been placed in an account offering interest he would have received at the least £50,000 in interest over the 18 month period.
Neil has now wants to regain control over his own money as he now considers he has made a full recovery.
The full interview and comment from the Court of Protection can be heard by downloading the podcast from Radio 4’s website:
There are many situations such as this which can be avoided by putting in place a Lasting Power of Attorney. The cost of an LPA is minimal compared to the cost and time spent on going through the Court of Protection.
Consider if you or a family member were to have an accident or a stroke or suffer from dementia or Alzheimer’s in the future. You may develop a physical disability where you just can’t manage to deal with money matters on your own and need some assistance.
To safeguard your future in this way you can appoint someone your trust to be your Attorney who can assist you with your financial affairs should the need arise. You can cover any unforeseen situation in the future.