Few of us want to think that we might lose our mental capacity or how we would cope if we did. Yet it can happen to anyone, of any age, at any time either through accident, a stroke or an illness such as Dementia. The number of people suffering from this is forecast to exceed one million by 2025 (Alzheimer’s Society).
Yet there is a way to plan ahead and ease the potential burden on your family and friends should it happen to you. The answer is to create a Lasting Power of Attorney (LPA). A LPA gives people you trust the legal authority to make decisions on your behalf should you lose the mental capacity to do so. The crucial thing is to set up an LPA while you are still mentally capable.
f you lose mental capacity and don’t have a LPA the Court of Protection takes over and the people you would have liked to help you may be cut out. They can then face long delays and a huge expense in applying to the Court if they want to help look after you. By preparing this document whilst you have mental capacity, it could save thousands should that capacity ever be lost.
Use this for:
The type of health care and medical treatment you receive, including life-sustaining treatment.
Where you live:
Day-to-day matters such as your diet and daily routine.
Use this for:
Running your bank and savings account
Making or selling investments
Paying your bills
Buying or selling your house
According to the Alzheimer’s Society, by 2025 more than 1 million people in the UK will have dementia. Therefore, it is prudent to plan ahead. Furthermore, it is not just a consideration for the elderly; younger people may also become incapacitated through accident or illness.
LPAs are designed to be recognised by financial institutions, care homes and local authorities, tax, benefits and pension authorities thereby making the handling of financial and welfare affairs much easier for relatives when it is needed.