Power of Attorney and WillsWritten on June 10, 2015 by Kirk Rice LLP
By 2025, the Alzheimer’s Society predicts that more than 1 million people in the UK will suffer from dementia. The advice from charities caring for the elderly is that everyone should plan ahead to a time when they might not be in a position to handle their financial affairs.
Last year, approximately 60% of people who died in the UK did not leave a will – meaning that they had no control over how their assets were distributed. So creating a Power of Attorney and making a will mean you can protect your assets from misappropriation during your lifetime and ensure they are distributed according to your wishes when you die.
Protection for the future
A Lasting Power of Attorney is designed to protect you in the event that, whilst still alive, you lose the ability to make financial or care decisions on your own behalf. Making a Lasting Power of Attorney (LPA) allows you to choose someone you know and trust to make these important decisions for you, should you be unable to do so.
Most people don’t think about putting a Lasting Power of Attorney (LPA) in place because they automatically assume their loved ones could step in.
However, if you lose mental capacity and haven’t made an LPA, a family member would have to apply to The Court of Protection to be appointed as your Deputy. However, the role of Deputy provides reduced powers and if an acceptable Deputy can’t be found, the local authority is appointed. They will be given access to your financial affairs and be able to decide where you live and what care you receive.
Preparing a Lasting Power of Attorney and making a will isn’t a daunting task; in reality it’s a straightforward process and one that everyone should consider as early as possible.
The Financial Conduct Authority does not regulate Tax Advice, Legal Advice or Estate Planning.
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