A lasting power of attorney is not just for the elderly
Wills are something that are commonly heard of and used, but have you ever heard of something called lasting power of attorney?
By the time we reach 2025 Alzheimer’s Society has predicted that more than 1 million people in the UK will have dementia. And whilst this may be something you don’t want to think about, it truly does make handling financial affairs virtually impossible, which is why it’s important to plan ahead.
A lasting power of attorney, also known as an LPA, gives another person the legal authority to look after areas of your financial affairs, health, and welfare should you lose the capacity to do so.
If you do not have a LPA, and find that later on you become mentally incapacitated, relatives or friends may have issues in applying to the court of protection to take control of your assets and finances, facing barriers such as long delays and expense.