In 1997, a globally famous athlete played a championship game with severe food poisoning. He was 34, at his physical peak. By his own account, he felt close to death. He could barely stand and collapsed into a teammate's arms, yet still secured the win. This is remembered as a heroic performance. I see it differently. I see the enormous, unnecessary risk taken—not just to his health, but to his entire family and business enterprise.
The Anatomy of a Crisis
What would have happened if he had not recovered? He was the main earner, the face of a brand worth billions. I don't have to imagine the fallout. I have sat in rooms with families after the driving force of the family business suffers a sudden stroke or a serious accident. Their first call is often to the bank. The bank's response is always the same: without the correct authority, the accounts are frozen. No one can pay salaries, settle invoices, or access personal funds to cover household bills. The business operations stop. The family's financial life stops.
The £5,000 Question
This is not a failure of character. It is a failure of paperwork. Specifically, the absence of a Lasting Power of Attorney (LPA) for Property & Financial Affairs. Many assume an LPA is for old age. This is a critical misunderstanding. Sudden illness or accident can incapacitate anyone at any age, as the athlete's story shows. Without a registered LPA, your family must apply to the Court of Protection to act for you. The process takes between 9 and 12 months. The initial application costs are typically between £3,000 and £5,000, before you factor in ongoing annual fees. During that year of waiting, mortgages can go unpaid. A business can fail. The stress on a family already dealing with a medical crisis is immense.
All this for a document that costs a few hundred pounds and an afternoon of your time to arrange. That game is a story of triumph against the odds. For your family's security, you cannot depend on luck. You must have a plan. If this raises questions about your own arrangements, we should talk.
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Written by Sean Kiani, Estate Planner at Inheritance Made Simple. Sean writes and reviews the firm's guidance on estate planning, wills, trusts and inheritance tax, and works with families across Bournemouth, Poole, Dorset and Central London. Verify Sean's Society of Will Writers membership listing.