Death planning guide: powers of attorney
Money Savings Expert Martin Lewis has compiled a checklist of 20 things you need to consider when planning for the financial well-being of your family (it’s on his website). The check-list includes tips on wills, inheritance tax, funerals and setting up power of attorney. Our last post covered funeral planning. This post covers all you need to know about powers of attorney.
Thinking and talking about what would happen if our faculties deserted us is uncomfortable. Yet you need to consider how much worse the situation would be if you became incapacitated through a stroke, accident, dementia (eg, Alzheimer's) without sorting it first.
A Lasting Power of Attorney (LPA) is a legal document where someone (while they still have mental capacity) nominates a trusted friend or relative to look after their affairs if they lose mental capacity.
It's best to do this whilst you're in good health, as the financial and legal complications can be huge if you want to do this after your health has deteriorated.
We have produced a guide regarding powers of attorney