The ever-increasing importance of having a Lasting Power of Attorney…

Corrine Seabourne, Chartered Legal Executive at Alsters Kelley talks about the ever-increasing importance of having a Lasting Power of Attorney.

The Alzheimer’s Society have recently published staggering figures which states that around 850,000 people in the UK suffer with Dementia and this figure looks to increase to one million by 2025. With this increase in people being diagnosed with Dementia, I have been thinking about why a person would not want to put a Lasting Power of Attorney in place.

I have had the privilege of working with the elderly for over 10 years and during this time I have noticed a significant increase in clients being diagnosed with Dementia or having suffered a stroke, rather unexpectedly.  Often their families find themselves in the difficult position of having no authority to help them manage their finances or enforce health and welfare decisions discussed previously with family members. This can lead to increased anxiety and stress for everybody involved.

Having recently become a Dementia friend, I have gained valuable knowledge about what it is like to live with Dementia, not only for the person diagnosed with this illness but also their families.

Most people will put the thought of preparing a Power of Attorney to one side, commenting that they have ‘not lost their marbles just yet’ or they are ‘too young’.  In my experience, tragedy can strike at any time, my youngest client who saw me to prepare a Lasting Power of Attorney was in their 30’s and had just suffered a stroke.

Without a Power of Attorney in place, financial struggles can become very real in a short amount of time. What would usually be considered ‘run of the mill’ occurrences such as access to bank accounts, the management of day to day finances, sorting out the state pension or managing the utility bills would be denied.

If a person lacks capacity, the only option available to a family member is to make an application to the Court of Protection to be appointed as a Deputy. This is not only a costly process but can also be a very frustrating and an arduous process for family members, who are simply trying to assist a loved one and provide them with peace of mind that their affairs are in order.

A Lasting Power of Attorney allows a person to document who and how they would want a person to assist them with their finances or make decisions in respect of their health and welfare, if they were unable to act for themselves, either temporarily or permanently.  Many people have insurance for their property or cars, but many do not protect their future by preparing a Lasting Power of Attorney.

If you would like to have a chat about Lasting Powers of Attorney and how we could help you, then please email me, corrine.seabourne@alsterskelley.com or telephone 01926 359352.