If you’re undecided about lasting powers of attorney – that is, where you appoint people to make decisions on your behalf – this statistic may help sway you: by 2030, 80% of people in the UK are likely to have some form of dementia.
Coming to terms with the emotional impact of a loved one having dementia is bad enough, yet the practical aspects of what this means can sometimes be overlooked.
If it’s your Mum, who will look after her finances? How will her bills be paid? What if care home fees have to be factored in?
With a lasting power of attorney, you take over the financial management which will be one weight off your mind.
There are two types of LPA:
Both LPAs need to be registered at the Office of Public Guardian, before they can be used. The property and financial affairs LPA can be used as soon as it has been registered, while that for health and welfare may be used only when the donor becomes mentally incapable.
Whichever type of LPA you think would be best suited for you or a loved one, the legal team here at Optimum can talk you through the differences, what is involved in drawing up an LPA and the implications of having one. Please do get in touch for a no obligation chat.Make an enquiry