We all know that we should write a Will, but too few of us know we should also consider a Power of Attorney.
A Power of Attorney gives another individual the legal authority to look after aspects of your financial affairs or health and welfareshould you lose the capacity to do so.
A Power of Attorney isn’t just for the elderly. Even when young, we can find ourselves incapacitated owing to illness or injury and it can be invaluable having a reliable person manage your affairs at a time when you most need peace of mind.
Similarly, as we get older, the need for an Attorney increases as we are more prone to illness and injuries. By 2025, over 1 million people in the UK will have dementia (Source: Alzheimer's Society), with one in five over 85 already suffering from it.
If you do not have an Attorney in place and become mentally incapacitated, relatives may face long delays and expense in applying to the Court of Protection to get access and take control of your assets and finances.
Creating Powers of Attorney in advance ensures that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.