Lasting Powers of Attorney are not just for the Elderly

Rebekah Banks, Stamford Bridge Office
 25 Jan 2019

Incapacity does not discriminate and any one of us could face mental or physical incapacity at any time.

Planning ahead and considering a time in which you may have lost your capacity is not always at the forefront of one’s mind and nor is it a particularly pleasant thought.

Nonetheless, it is advisable to have a plan in place; if only for your own peace of mind and this is something you can (and should) consider regardless of your age.

Do you know who you would like to look after your affairs if you were no longer able?

Sadly, by 2025 it is estimated that more than 1 million people in the UK will suffer with Dementia (according to statistics published by the Alzheimer’s Society).

Often when speaking with friends, family and acquaintances they understand the importance and effect of executing a Will. However, the mention of Lasting Powers of Attorney can often result in blank faces and confusion.

If in the future you lose your capacity, whether that be through a future illness or disability, handling your affairs becomes virtually impossible and can often cause great distress and angst for those who care about you and your well-being.

A Lasting Power of Attorney gives another individual the legal authority to look after and manage your affairs, in respect of both your finances and your health & welfare, if you were unable to do this yourself.

There is a misconception surrounding Lasting Powers of Attorney that they are only required (or should be considered) when you are “of a certain age”. In short, younger persons may become incapacitated through accident or injury; somebody still needs to manage their affairs and wouldn’t you rather have a choice in who that was?

If you lose capacity and do not have a Lasting Power of Attorney, your relatives (or those involved with your care and well-being) will be required to make an application to the Court of Protection to gain access and take control of your affairs. This is often a costly and time consuming at an already emotional time.

It is never too soon to consider your future and the obstacles you may face.

For more information please speak to your local a member of our Wills, Probate and Administration of Estates Team.

Please note that this page is designed to be informative and not advisory in any way. We would always recommend that you seek specific advice or guidance on a particular legal issue.
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