Do I really Need a Power of Attorney?
Mental Capacity
Short answer is yes, everyone needs a POA. You can only create one when you have 'mental capacity', so by the point you realise you will need one soon, it's potentially already too late.
The Deputy
Someone without a POA will be appointed a Deputy by the courts. Anyone is allowed to apply to be your Deputy and it is up to the court to decide who is best qualified and placed to be one. The risk is, it might not be who you would think or want to be in charge.
The Time
Applying to the Courts of Protection can take up to 6 months. This can cause big problems since without the capacity to manage their finances, access their money and make decisions - a broad array of issues stressful and difficult issues can present themselves during an already difficult set of circumstances.
The Costs
Applying to be a Deputy is not only time consuming but very expensive. It can easily run into the thousands if legal representation is required, along with having to pay court fees, application fees and various other costs. These are not refundable if you are unsuccessful. There also additional annual fees to consider.