One of the fastest-growing health issues in UK society is the seemingly relentless rise in dementia.
This terrifying category of diseases combined with an older population means that it’s never been more important to get your affairs in order as early as possible.
But if dementia does take hold, at what point do you hand over responsibility to a nominated person and grant them power of attorney over your financial affairs?
Wills are, without doubt, an essential part of estate planning.
It’s not something that people want to think about at any age, but unless you want to leave a financial tangle behind for your bereaved relatives to sort out after you’re gone, it’s crucial to make sure your will is taken care of earlier rather than later.
The creation of an LPA (Lasting Power of Attorney) is also a key part of estate planning.
An LPA is a legal document that allows you to appoint one or more people to help you make decisions or to make decisions on your behalf when you are no longer able to. These nominees are referred to as attorneys.
Your attorneys do not have to have
There are two types of LPA:
As a power of attorney is often agreed upon before
By then, the family dynamic may have dramatically altered, as may the financial situation of the sufferer, especially if they have been forced to go into a care home.
This is why it is so important to sort out not only your will but any LPAs, as early as possible, especially after the diagnosis of a degenerative disease.
LPAs can, in fact, bring families closer together, as they ensure the sufferer is cared for properly and that those granted the power of attorney are fully aware of their responsibilities from the outset.
By Marie Verney, senior associate in the inheritance protection team at Gardner Leader.