With the upcoming Dementia Action Week this month, now is a good time to consider putting in place a Lasting Power of Attorney.
It is estimated that there are currently 850,000 people living in the UK with dementia and 38% of people in the UK know a family member or a close friend living with dementia. These statistics are projected to increase over the next 30 years.
Although many people don’t like to think about the worst happening, it is worth taking the time to consider your current circumstances to think about the steps that you can take now to plan and make matters easier for those closest to you in the future.
Now is a better time than ever to put in place a Lasting Power of Attorney for your property and financial affairs. This will ensure that, should the worst happen and you lose capacity either through a disease such as dementia or a sudden injury, your attorney will be able to manage your affairs on your behalf. This may provide those closest to you with one less unnecessary worry as they can make the necessary financial arrangements to ensure you are looked after.
Without a Lasting Power of Attorney in place your loved ones may struggle to make arrangements with creditors, arrange payment for your care or look after your finances and property without the required authority to do so. This may leave your loved ones in a difficult position and could leave them with little option but to make an application to the Court of Protection to manage your finances should you lose capacity, which is both more onerous and expensive.
With this in mind, why not take the time to discuss Lasting Powers of Attorney with your loved ones to make sure that you take every step to ensure your affairs are in order should the worst happen.
At Stephensons we have a specialist Wills and probate department who have a wealth of knowledge about Lasting Powers of Attorney that would be happy to discuss the steps that you can take now to prepare for the future. If you would like some advice regarding Lasting Powers of Attorney or wish to put them in place, please contact our team on 0175 321 6399.
By Stacy Kinsey, graduate paralegal in the Wills and probate department