More about deputyship, executor and power of attorney;
Entrust your wealth
Deputy, power of attorney, testamentary
Do you know someone who is not able to take care of his finances anymore? Or do you have troubles yourself and dread it to keep track of all your financial belongings. In these cases, you can choose to appoint a deputy or power of attorney. When the person is still capable to determine who should be his counselor to manage his finances, this can be done through a notary (a power of attorney could be set up there). When the person is no longer able to determine this themselves the court of protection makes the decision, this can be done in a one-off decision or with long-term help. When the application gets approved there will be a deputy who makes the decisions for the person concerned.
This means that the person who cannot manage his finances anymore will be supported by the deputy in making financial choices like: paying the fixed monthly costs, insurances, saving money and stabilising finances in case there were issues. Besides there is the option to appoint an executor (in your will for example), the executor shall take control over the finances after you have passed away. In short, it’s our goal to protect you, your family, family members and your estate.
For whom is the protection?
The protection (deputyship) is meant for people who are not able to make their own decisions anymore and thus could get into financial problems because of wrong choices or people who are not able to handle their wealth. Often this concerns elderly, people with a psychiatric condition, people with dementia or with a disability. Some people are not entirely ‘compos mentis’ anymore, this means he or she is not in her right mind. Besides it happens more often nowadays that young people acquire a lot of wealth and not know how to deal with it. This can lead to unwanted situations and eventually loss of money, in the case of young people it is more a coaching type of financial support than a law based measure. We want to be there for the people and offer help when necessary, so they do not have to worry about their financial situation.
"Sometimes every decision is better than none"
- Thomas Langerwerf
Who are you going to trust?
When you or one of your family members is in a situation as mentioned before it is wise to call in the help of experts to take a look at the situation and decide on a strategy for the future. It does not matter if it’s deputyship, executor and power of attorney, these three areas can impact you and your loved ones. Consider your choice well, decisions you make now can only benefit the future in this case.
Who will be your deputy?
When someone cannot make the right decisions themselves anymore, a caregiver or family member can appeal to a deputy, you can apply to the Court of Protection and if they agree with the situation you can indicate your preferred deputy. There’s the possibility for either a professional deputy or not. A non-professional could be a family member or other loved one. A professional deputy is specialised to manage cases like this and will always consider your best interest. There will be a budget plan, insurances will be taken care of and taxes will be paid. Our experts are happy to help you!
Who will get the power of attorney?
Every person older than 18 is qualified to perform legal acts under the of the person concerned. When this person has the competence he or she is able to take care of financial matters, payments and administrative tasks. Some people choose to give the power of attorney to a family member, but it is also wise to give it to a professional, this way you can avoid disagreements within the family. The power of attorney can be given by a notary, provided that the person who it is about is still in his right mind and can make his own decisions.
Who will be the executor after your passing?
If you want to take good care of your finances even after you have passed away it is wise to appoint an executor beforehand. This way you as testator can divide the tasks that arise after your death. The executor is someone who has been appointed in someone’s will to make sure every task goes as wished. The choice here is also between a family member, a professional or even an organisation. We are happy to help you make these choices and like to advise you about your financial future.
How do we help?
Family First likes to think along with you about your financial future, this ensures that you don’t have to worry about it. Through our many years of experience in the industry we know the tricks of the trade and like a challenge. Our colleagues like to take action and are always happy to help. Our open and trustworthy work structure ensures that you and your capital are protected. Contact us without obligation for more information or advice from a professional point of view.