Making sure someone can look after YOU and YOUR assets if you are unable to
We all hope that we will retain our physical and mental abilities throughout our lives and will not need assistance while we are alive to look after ourselves.
Unfortunately, for a large number of people, this is not the case. Disability can strike at any time and this can be very sudden, for example through an accident, stroke or a heart attack. Dementia can also take hold and leave an individual unable to look after their financial and legal affairs and this is where the concept of a Lasting Power of Attorney (LPA) is vital for most of us.
Many people think that their spouse or civil partner can act for them in the event of them being incapacitated. This is not the case.
By creating an Attorney in advance, you have the peace of mind of knowing that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.
You can appoint a friend, relative, or a professional as your Attorney which allows them to act on your behalf.
It is important that you choose who you would like to act on your behalf very carefully. You should choose people you can trust to act in your best interests, giving consideration to how they manage their own affairs.
Case Study – Mr & Mrs Brown
Mr Brown is aged 75 and now has difficulty in managing his own affairs. His income consists of the State Pension and income withdrawals from his Drawdown pension. His wife is finding looking after him increasingly difficult and needs financial help so that she can buy care support to look after him. However, he can no longer give instructions to the pension provider to increase his income and his wife has no Lasting Power of Attorney in place. This situation could have been avoided if a LPA was in place.