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Tilly Bailey & Irvine Solicitors in Teesside explains why so many carers of vulnerable people opt to appoint a professional deputy to look after their financial affairs.
A deputy is a person that looks after the financial affairs of a vulnerable person mentally incapable of handling it themselves.
Professional deputies undertake the same role, but are qualified solicitors with extensive experience in such matters. They are governed by the Office of the Public Guardian and are held to a high standard in terms of the decisions they make. Partners at Tilly Bailey & Irvine LLP hold a significant number of professional deputy positions and have done so for many decades, making them experts in the field with significant experience.
But why do so many relatives of vulnerable people appoint professional deputies?
Experienced heads: Many carers are parents of disabled children. Quite often, these parents will have had no experience of being in such a position and it can be immensely overwhelming. Having a professional deputy at their side to answer questions and help them along the way can be invaluable.
It eases the burden. There are many situations where caring for someone mentally and/ or physically incapacitated can be a full-time job (and a tough one at that). In such situations, the burden of the day-to-day matters combined with the financial responsibilities is too much to handle properly.
It removes emotion from difficult decisions. It is extremely difficult for the carer of a mentally incapable person to acsay no to a request from them. However, that is often the correct response to make in consideration of the circumstances. Having a professional deputy removes that burden from the carers. It is also about having someone objective looking at the long-term benefit of a decision, which can be hard for a carer to do when they are so drastically invested in the short-term.
It brings potential financial benefits. Over a long-term appointment, the experience, contacts and decision-making tools available to a professional deputy could end up meaning they pay for themselves, and more. Properly dealing with things such as negotiating large purchases, avoiding unnecessary expenditures and choosing the best advisers in relation to investment can all end up making the benefits outweigh the costs.Also, the costs of professional deputies are monitored each year by the Office of the Public Guardian, meaning that “over-charging” is very unlikely.
To discuss probate matters and ensure your finances are looked after by the right people, please contact our Teesside Solicitors at Tilly Bailey & Irvine on 0333 444 4422 or make an online enquiry.
