World Alzheimer's Month reminds us of the importance of Lasting Power of Attorneys

September is World Alzheimer’s Month; a time to raise awareness of the impact this illness has on those diagnosed as well as their family and friends.  None of us know what is around the corner and unfortunately cases of Alzheimer’s, dementia and other incapacitating diseases are rising. 

According to Alzheimer’s Society, there are currently 850,000 people living with dementia in the UK, with this figure set to rise to over 1 million by 2025, and 2 million by 2051.  Every three minutes someone develops dementia, with 1 in 6 of those being over the age of 80.  While many think it is only people in this age group who are susceptible, there are over 40,000 people under the age of 65 with dementia in the UK.

So how can you prepare yourself and your family should this happen to you, and you want the comfort of knowing that you have chosen the right people to look after your affairs? 

The answer lies in a Lasting Power of Attorney (LPA).  An LPA is a legal document which allows you to appoint one or more individuals to make decisions on your behalf in relation to your property & affairs and your personal welfare.  This can include your finances, as well as your medical or living arrangements.

Five reasons why you need a Lasting Power of Attorney…

Help your family

In the circumstance that you do lose mental capacity your family will feel many different emotions; sadness, anxiety, and uncertainty about the future.  Having an LPA in place will be one less thing for them to worry about so they can concentrate on your comfort.

You’re in control

With an LPA you decide who manages your affairs when and if you are no longer able to do so…without an LPA those decisions lie with the Court and your family are powerless to make any decisions themselves.  You have a nominated person that you have chosen yourself, who you trust and know can make those decisions for you. 

Costs less and eases stress

Without an LPA, your family will not only be restricted from making decisions, but also will not have access any of your accounts or assets and will need to go to Court in order to do so.  This can cost thousands and takes several months to achieve, whereas having an LPA in place while you still have capacity will only cost you a standard fee and will save your family the stress of going to Court.

Save time

Many of us suffer from the presumption that certain things will never happen to us and only happen to others, but unfortunately we need to be prepared for any eventuality.  Having an LPA is the perfect way to do this to safeguard your family and will save them time in the future.

Your wishes are kept safe

Once you’ve made your LPA, here at Warner Goodman LLP we can keep it safe until the time when, and if, it is needed. 

Jane Cox, Private Client Partner at Warner Goodman LLP, comments, “It was because of our experiences of seeing the consequences for families when an LPA is not in place, that members of the team were eager to be involved with the Dementia Friends in Fareham.  There are many ways in which dementia sufferers and their families will need support, and many things they will need to consider and plan for.  Through the training we have learnt exactly what these are, and how businesses and people in Fareham can join together in a united front to offer as much support as possible.”

Jane concludes, “There are many other matters that we can advise on if you’re concerned about your future, including financial affairs, writing a Will, making arrangements for care and much more.  We appreciate that this will be a daunting step for anyone to take, but we always advise that it’s better to be safe than sorry, especially when it’s something as important as your future.”

You can call the Private Client team based in Fareham on 01329 222075, visit their section of the website here or email privateclientenquiry@warnergoodman.co.uk.

ENDS

This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.  All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.