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People often don’t consider that long before their death they might become incapable of managing their day-to-day affairs. It’s important to consider how your family might cope if you were to be involved in an accident or were to suffer a stroke or the onset of dementia.
Making a Lasting Power of Attorney (LPA) allows you to nominate a trusted relative or friend to look after your affairs in such an eventuality – it’s a really good opportunity to consider making one alongside your Will.
Your Will sets out what you want to happen to your accounts and property after you die, and allows you to appoint executors to take responsibility for those things for you.
A lasting power of attorney sets out the instructions you want people to follow while you’re still alive, in case you can’t make decisions for yourself. These people are called your “attorneys”.
If you do not have a Lasting Power of Attorney and lose mental capacity a deputy will need to be appointed. Applying for a deputyship order is expensive and may result in the wrong person being your deputy for example, a professional person that you do not know, an estranged child or a spouse that you may have separated with.
By having a Lasting Power of Attorney in place it will be YOU who decides who will deal with your affairs if you lose capacity and you will have more control over when your attorney will take over your affairs.