A lasting power of attorney is specifically designed to protect you during your lifetime should you ever lose capacity due to accident, illness, infirmity or old age (or if you just can’t be bothered with the hassle of managing your own affairs at some stage in the future). Whilst we all hope the worst will never happen unfortunately one of those events is likely to happen to most people.
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.
A lasting power of attorney (LPA) should be seen simply as a piece of insurance providing protection that you may need at some stage in the future and something that protects your wishes it is very important if you are a couple but is absolutely vital if you are single.
There are two different types of lasting power of attorney:
• health and welfare
• property and financial affairs
It is up to you whether you decide to make one type or both but you must be 18 or over and have mental capacity – the ability to make your own decisions – when you make your LPA(s). You may need a court-appointed deputy instead if you’re not able to make your own decisions.
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