Have you ever wondered what happens when you lose mental capacity and cannot deal with your own affairs?
Do you have a relative that no longer has the mental capacity to make their own decisions and you wish to make decisions for them?
If you have Power of Attorney then someone else can assist you and deal with matters on your behalf. However, without a Power of Attorney, nobody has any legal authority to assist you.
Under Data Protection laws, nobody can access your bank accounts, obtain your pension, deal with paying your bills or deal with any financial matters on your behalf without the legal authority to do so. This means that without a Power of Attorney your affairs will just mount up and the red letters may start coming.
Without a Power of Attorney, the only way in which someone can take over your financial affairs would be by applying to the Court of Protection for a Deputyship Order.