We all know that we should write a Will, but too few of us know we should also consider Lasting Powers of Attorney.
By 2025, more than 1 million people in the UK will have dementia, according to the Alzheimer’s Society. One in five people over 85 already suffers from it, with rates significantly higher among women than men. Handling your financial affairs becomes virtually impossible – which is why charities who care for the elderly recommend everyone plans ahead to ease the potential burden on our relatives.
Lasting Powers of Attorney (LPA) are a legal documents in which you appoint someone to make decisions on your behalf. The person so appointed is referred to as an ‘Attorney’.
There are 3 types of LPA
Property and Financial
To appoint an attorney to look after your financial affairs and property when you are unable to deal with them yourself because you are away or you are ill or even become mentally incapable due to an injury or an illness such as Alzheimer’s.
Health and Welfare
The attorney is granted the power to make decisions about your health and welfare if you are unable due to mental or physical incapacity.
To appoint an attorney to look after your business affairs when you are unable to deal with them yourself because you are away or you are ill or even become mentally incapable due to an injury or an illness such as Alzheimer’s.