The third of the 3 D’s – Dementia
In his recent show Martin Lewis mentioned how we can be prepared for the possibility of Dementia.
With the average life expectancy for us in the United Kingdom at an all-time high, expectedly dementia is on the rise.
Unfortunately, a majority of people are not making Lasting Powers of Attorney and are therefore not at all equipped for what the future may hold for them and their family.
Here at BWK we feel it is imperative that you tackle these uncomfortable conversations, while you are able to. This will leave you feeling prepared for the future and will also give you the peace of mind that you have appointed the people best equipped to deal with your needs for you, should you be unable to.
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint a trusted individual to make important decisions on your behalf, should you lose the ability and capacity to do so.
There are two types of LPA that give the attorney(s) the ability to make decisions about different aspects of a person’s life. The two types of LPA are:
- Property & Financial Affairs
- Health and Welfare Affairs
A Property and Financial Affairs LPA allows an individual to assist with the day to day running of your finances or assets. This can include paying bills, managing your investments and even managing the sale of your property should this be necessary.
With a Health and Welfare Affairs LPA, the appointed attorney is able to help make decisions regarding your health. They would be able to step in and make decisions about your care and doctors are able to share your medical records with them.
Without these Lasting Powers of Attorneys in place, it can be extremely distressing for both the individual and their family, and decisions may be placed into the hands of an unintended party.
Alternatively, the family may need to apply to the Court of Protection, which is both time consuming and much more costly than making Lasting Powers of Attorney.
If you would like to discuss Lasting Powers of Attorney further, then please get in touch with our friendly Private Client Team on either 01296 747151 or 01494 870075.