TV personality Kate Garraway’s publicized financial worries, due to her husband currently being in a coma in hospital due to the coronavirus, is a timely reminder of the importance of Lasting Power of Attorneys (LPAs).
Kate’s husband Derek was diagnosed with coronavirus back in March. Although he is now testing negative for the illness he is still in hospital battling against the virus’ aftermath.
This has left Kate alone, to parent their two children and to deal with the household finances and insurance policies. The latter which she is struggling with, due to Derek being the named person on the bills and different policies.
Kate spoke very open and honestly about her financial worries, on Good Morning Britain.
She said:
“One of the practical problems – which a lot of people would’ve experienced if they’ve got the absence of someone in their life – like many thing the car is entirely in Derek’s name, the insurance is in Derek’s name, a lot of our bank accounts.
“There are a lot of financial going that I’ve talked to you both about going on, which is making life very complicated because I can’t get access to things.”
She added:
“Because legally I haven’t got power of attorney. And all this other stuff that goes on when you’re dealing with a situation where someone’s been sick for a long time.”
Whilst people have been using the time in lockdown to get their affairs in order by creating Wills, it’s also beneficial to talk to your clients about the benefits of an LPA.
Kate Garraway’s situation clearly demonstrates the importance of an LPA, and may break the taboo around them only being needed for elderly or vulnerable relatives.