Preparing a Lasting Power of Attorney is just as important as preparing a Will.
Many people think that the purpose of these documents is not relevant to their circumstances at the moment and I often hear clients say 'we will think about it in a few years time'.
The issue is, these documents can only be prepared when you have the mental capacity to do so. If you lose mental capacity then it is too late. The only option then is for your family and/or friends to apply to the Court of Protection for authority. This is a much more expensive and time consuming process.
This article by Money Saving Expert touches on the basics of preparing Lasting Powers of Attorney. However, if you would like more information please do not hesitate to contact our Wills, Trusts and Probate Team at Brethertons.
One person in the UK develops dementia every three minutes. Yet don't assume relatives can just walk into a bank and access your money, even if it is to pay for your care.