Posted by Tony Millson, Consultant
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
A Lasting Power of Attorney – as important as making a will
An anticipated rise in the number of people with Alzheimer’s disease and dementia means that older people should think carefully about putting in place a Lasting Power of Attorney (LPA), even if it is never needed.
An LPA allows important financial and welfare issues to be given the right amount of attention. There are two types of LPA that individuals can create; one for financial matters which gives an appointed Attorney the ability to make legal decisions on behalf of an individual. The other relates to health and welfare where decisions regarding medical care and treatment can be made by an Attorney on behalf of an individual should they become incapable of expressing their wishes personally.
Planning ahead and arranging an LPA in the event of the onset of a restrictive condition is far easier, less stressful and more cost-effective than waiting until an individual has become incapacitated.
Up to 800,000 people in the UK have a form of dementia and more than half have Alzheimer’s. It is estimated that in less than 10 years a million people will have dementia which will rise to 1.7m by 2051.
Society’s growing awareness about incapacity has emerged because individuals or other family members are living with dementia and Alzheimer’s which has highlighted the need to plan care and protect family finances for the future. This is something which should not be ignored.
Even when an individual has already been diagnosed with such a condition, there may be a reluctance to visit a solicitor to arrange an LPA, but by doing so, individuals are being proactive which could be vital for managing family assets for the future.
Ideally, individuals should arrange an LPA as routinely as making a will, since it is far better than waiting until health deteriorates and it becomes necessary to apply to the Court of Protection to appoint someone – this is likely to be more stressful, more time-consuming and significantly more expensive due to the Court of Protection costs.
At Royds, our experts have extensive knowledge and experience of helping clients to plan for their future and ensure they have the measures in place to protect their estates and their chosen beneficiaries through the creation of a Lasting Power of Attorney. For more information, please visit or contact Tony Millson or Deanna Hurst.