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Preserve it and save: how conditional exemption can protect your heritage... and your wallet
Charles Richardson
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CoP Talks: Empowering minds, protecting lives - Introduction to capacity and CoP (Part 1)
CoP Talks: Empowering minds, protecting lives - FAQ’s - What are LPAs? (Part 2)
CoP Talks: Empowering minds, protecting lives - Health and Welfare Deputyships (Part 3)
CoP Talks: Empowering minds, protecting lives - Can a person who lacks capacity get married? (Part 4)
CoP Talks: Empowering minds, protecting lives - When does a Deputy need CoP approval for legal work? (Part 5)
CoP Talks: Empowering minds, protecting lives - What is a Statutory Will? (Part 6)
CoP Talks: Empowering minds, protecting lives - Can an attorney/deputy make gifts? (Part 7)
CoP Talks: Empowering minds, protecting lives - How can a Professional Deputy assist after a Personal Injury? (Part 8)
CoP Talks: Empowering minds, protecting lives - How does a Professional Deputy manage a client’s affairs? (Part 9)
In this informative podcast, we examine the responsibilities and management approach of a Professional Deputy appointed to oversee the finances and affairs of an individual who has received a significant damages award, often due to personal injury or medical negligence.
Key topics covered include:
- The wide-ranging duties a Professional Deputy will undertake, from purchasing suitable housing, managing taxes and insurances, to overseeing any required care team and ensuring regular budgeted payments to the client.
- How the client can still access their own money through an allowance, while the Deputy handles larger transactions and payments directly.
- The Court of Protection approval process required for the Deputy to purchase or sell property on the client's behalf, and their role in designing and adapting the home to meet the client's needs.
- Options for investing the damages award, including creating a managed portfolio or purchasing investment properties, subject to court approval and fiduciary duties.
- Explanation of how the Professional Deputy's fees are determined, reviewed, and paid from the client's funds, with safeguards in place such as security bonds to protect the client's assets.
- The core principle that all decisions made by the Deputy must prioritize the client's best interests, with robust oversight from the Court of Protection.
Whether you are a client with a damages award, supporting a loved one in this situation, or work in the legal/financial fields, this podcast provides crucial insights into the role of a Professional Deputy. Learn how they can responsibly manage substantial sums to significantly improve the client's quality of life.
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