According to the Alzheimer’s Society, there are 850,000 people living with dementia in the UK. This is set to rise to one million by 2025.
Sadly, many sufferers reach a point at which they are no longer able to make sound decisions, which raises an important question – who will look after their finances and healthcare?
It is possible to make an official record of who you consider responsible and trustworthy enough to make decisions, if you are too ill to do so yourself. However, leave it too late and it becomes an expensive and time-consuming problem your family or friends will have to overcome.
We recommend all clients put a Lasting Power of Attorney (LPA) in place. It can be made at any time and only becomes active if and when you reach the point of mental incapacity. It is a legal document that authorises another adult to make decisions regarding your finances or health, from paying bills and selling your home to collecting pension benefits and even being prescribed medication.
An LPA gives you the peace of mind that the person you trust most, who you know has your best interests at heart, will be able to determine your future. Without such provision, a stranger or someone you may not trust fully could be in charge.
What if I become unwell and don’t have an LPA?
Heaven forbid you find yourself in this situation, but if you don’t have an LPA, someone in your family would need to apply to the Court of Protection to become a deputy, which can be a very long, complicated and expensive process.
By drawing up an LPA, you will save yourself and your loved ones a lot of time, money and heartache. It has also come to light that if you registered an LPA between April 1, 2013 and March 31, 2017, you could be due a refund of up to £108 against the fee paid to the Office of Public Guardians. For more information about how to claim your repayment, visit: https://www.gov.uk/power-of-attorney-refund.
To find out more about making a Lasting Power of Attorney and the options available to you, don’t hesitate to contact me on (01246) 298181 or email: email@example.com