As we get older, the risk of Dementia can come into play, as well as other long-term illness that may affect everyday life. Our mental capacity can become lesser too. This is where it is worth considering the benefits of appointing a Lasting Power of Attorney.
Discussing the possibility of losing our faculties is not an easy conversation; or a situation we like to think about. But the reality is, if you were to suffer a stroke, serious accident or dementia without something being in place first, it would likely make the situation worse.
If for example, you lose mental capacity, your relatives cannot simply just take over your everyday tasks, such as your banking, paying utility bills and making decisions on your behalf. They need consent and power to do.
Even if the money is for your care, they cannot simply access your bank accounts without authority. Unless you’ve a Power of Attorney, loved ones would need to apply through court, which can be long and costly.
Part of planning ahead is to consider Lasting Power of Attorney (or LPA). In this article we will discuss what Lasting Power of Attorney is, how much it costs, what mental capacity is and why you should considering setting a LPA up.