We all know that we should write a will, but too few of us know we should also consider making a Lasting Power of Attorney.
According to the Alzheimer’s Society there are 850,000 people with dementia in the UK, with numbers set to rise to over 1 million by 2025. This will soar to 2 million by 2051. 225,000 will develop dementia this year, that is one every three minutes. 1 in 6 people over the age of 80 have dementia. Handling your financial affairs becomes virtually impossible – which is why everyone should plan ahead to ease the potential burden on our loved ones.
A Lasting Power of Attorney (LPA) gives another individual(s) the legal authority to look after specific aspects of your financial affairs and/or health and welfare should you lose the capacity to do so. It is not just for the elderly; younger people may become incapacitated through accident or illness and we have clients of all ages who have planned for the future by preparing a LPA.
If you do not have an LPA in place and later become mentally incapacitated, relatives may face long delays and expense in applying to the Court of Protection to get access and take control of your assets and finances. LPAs are designed to be recognised by financial institutions, care homes and local authorities.
It is important to ensure that an LPA is drafted correctly which can make life unintentionally difficult for your attorneys in the future, or which can cause the Office of the Public Guardian.
All our LPA work is undertaken by qualified Solicitors and we offer competitive fixed fees for drafting LPAs. If you would like to have a chat with someone about making a LPA, then please can call our office on 01267 237 441 – Option 2 – or e-mail us at firstname.lastname@example.org.