Dementia is a growing problem in the UK. According to the Alzheimer’s Society, there are currently 850,000 people with dementia, and that number is set to reach one million by 2025.
At some point, many people with dementia will reach the stage where they are unable to make decisions for themselves. As a result, it is incredibly important that somebody is nominated to act under their Lasting Power of Attorney (LPA).
An LPA allows that person – known legally as your ‘Attorney’ – to make decisions on your behalf if you are no longer in a position to make them yourself. There are two types of LPA – a ‘Property and Financial Affairs’ LPA and a ‘Health and Welfare’ LPA. It is best to make both at the same time.
You can appoint as many Attorneys as you want, but choosing the right person or people to act on your behalf can be very difficult, so it pays to carefully consider the decision. They will have to be over 18, and if making financial and property decisions, cannot have been declared bankrupt.
Your Attorneys must be people that you trust to make decisions in your best interest, and that you can rely on in any situation. Ideally they should know you well, so they would know what you would want to happen in certain circumstances. They also need to have the necessary skills to take on the responsibility. There is little point picking someone who knows you well, but who will be unreliable or incapable of meeting their obligations.
Most people select family members, such as a spouse, partner or children, but you can appoint a professional if you prefer, or if you have no family – but bear in mind that they will charge for their time.
If you appoint just one Attorney, you should also consider picking at least one Replacement Attorney, who make decisions on your behalf should your Attorney no longer be able to, or becomes unwilling to carry out the role. So, if you pick your spouse/partner as your Attorney, you could select someone younger such as your child, or children, as ‘Replacement Attorney’.
Heir Tight Wills helps clients put in place robust provisions and valid documents, to protect their loved ones and their assets both during their lifetime and after their death. For a FREE Consultation to discuss writing or updating your Will & estate planning provisions, contact Rachael Rodgers on 0845 519 7585, or CONTACT US via email.
