Later life planning, have you planned for it?

As we gradually age, become more wiser and enjoy a well earned rest from working, our attention turns to later life and how to ensure we receive appropriate support and care should it be required. According to Alzheimer’s Research UK’s 2015 analysis report 1 in 3 people born in the UK from 2015 will develop dementia, which is a worrying statistic.

Thinking and talking about what could happen if our mind deserted us is uncomfortable. Yet it’s important to consider how much worse the situation would be if you had a stroke, serious accident or dementia without setting up protection against this.

So, what can you do to protect yourself?

If someone were to experience difficulties that mean they can no longer make decisions anymore, they will need help managing their finances.

A lasting power of attorney (LPOA) is a legal document that allows you to appoint one or more people who have mental capacity (commonly known as Attorneys) to help you make decisions or decisions on your behalf. The Attorneys can either be a trusted friend or relative.

The LPOA gives you more control and security if you were to have an accident or an illness that stops you making your own decisions (lack mental capacity).As the perception that close relatives such as a spouse can just walk into a bank and access your money is incorrect.

If you lose mental capacity, unless you’ve already completed the Power of Attorney forms, your loved ones will need to apply through court to become a ‘deputy’, which can be a long and expensive process.

There are two types of LPOA:

  • Health and Welfare (help with daily routine, medical care, moving into a care home)
  • Property and Financial Affairs (help with managing bank accounts, selling property and paying bills etc)

You can choose to make one type or both.

At Philip J Milton & Company we believe it is vital to have a LPOA in place, to specify who has responsibility to make decisions for another if they are alive but unable to do so for themselves. We offer a cost effective, efficient and compassionate LPOA service.

If you would like further advice regarding making a LPOA then please do contact the office to arrange an appointment with one of our highly qualified advisers at our cost.