Why create a Lasting Power of Attorney
We all know that we should write a will, but too few of us know we should also consider something called lasting power of attorney.
A (LPA) gives another individual the legal authority to look after specific aspects of your financial affairs or health and welfare should you lose the capacity to do so.
They are designed to be recognised by financial institutions, care homes and local authorities, as well as tax, benefits and pension authorities and provide protection of your assets and welfare during your lifetime.
It's not just for the elderly; younger people may become incapacitated through accident or illness.
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.