The Martin Lewis Money Show on Friday 23rd January advocated the need for everyone to take out a Lasting Power of Attorney. He’s 42 and he’s got one. None knows what is round the corner. I did mine myself – it does seem overwhelming when you get the form but if you work through it in small chunks it is as straight forward as any official form can be. There’s lots of help online. You can do one through a solicitor but it will obviously cost you a fee in addition to the £110 to register but it’s a small price to pay for peace of mind. Whatever it costs you it is nowhere near the cost to loved ones of unravelling finances if you can no longer look after your own affairs. Unless you’ve a Power of Attorney already, loved ones need to apply through court, which can be long and costly.
There are 2 types of Lasting Power of Attorney – one for health and the other for finance. I’ve done both so my daughters know exactly what I want to happen when I no longer have capacity. Some people put off having one because they think others have control over what happens immediately – this isn’t the case. It comes into its own only once you lose the capacity to make decisions. It is also a great opportunity to talk to loved ones about your wishes for the future – a difficult conversation but well worth having while you’re well.
You can only set up a Lasting Power of Attorney when you have mental capacity. Once you’ve lost capacity, it’s too late.
The Alzheimer’s society has an excellent section on its web site:
but if you need further evidence that it’s not just for those with dementia then you can read about it from Martin Lewis on the link below