Importance of a Lasting Power of Attorney

Posted by Tony Rochester on March 20th, 2018

In this fleeting, fragile life, you can only do so much to protect yourself from illness or accident. However, you can help those close to you from making difficult, life-altering decisions on your behalf. A lasting power of attorney isn’t just another piece of document that needs filing; it is one that can bring you peace of mind. It’s always good to know that whatever happens and should illness or accident render you unable to express your wishes, your desires and requests can be made known to your family and friends.

A lasting power of attorney (also called an LPA) is different from a will, which typically deals with a person’s estate in death. Instead of telling your loved ones your wishes when you’ve gone, an LPA dictates what happens to certain aspects of your health, welfare, and financial affairs should you ever lose the capacity to handle these matters yourself. Most people prepare their LPA as they draw up their will.

Here’s a fact: Physical and mental incapacity can strike at anytime and they affect far more individuals than what an average person might expect. This is the main reason why it’s a good idea for everyone (not just the elderly) to have an LPA in place.

While comas resulting from tragic accidents are relatively rare, it is projected that at least a million people in the UK will suffer dementia. The rates have been significantly rising over the last few years, with one in five people past the age of 85 already suffering from the condition, according to the Alzheimer’s Society. For a person suffering dementia or any such mental incapacity, handling serious matters like financial affairs are virtually impossible. This is prompting many charities specialising in elderly care to recommend planning ahead; and preparing an LPA is a huge part of this preparation. Saying exactly how you want your properties, finances, and health handled when you suddenly suffer incapacities can ease the burden on your loved ones and relatives. It can also prevent family disputes.

About the Author
This article is written by Tony Rochester, the estate planning advisor of MVL Wills and Trusts. A professional estate planning company based in Battle, East Sussex. They are an official partner of Countrywide Tax & Trust Corporation Ltd, an estate planning specialist with many years’ experience in preparing Wills and Trusts.MVL Wills and Trusts serve East Sussex and Kent, including Hastings, Bexhill, Rye, Eastbourne, Tunbridge Wells and the surrounding areas.