Dementia & Lasting Powers of Attorney
According to figures from Alzheimer’s Research U.K., there are currently around 850,000 people living with dementia, with that figure expected to pass the million mark by 2025 and the two million mark by 2050.
Of particular concern to many people as they approach their later years, is what developing dementia will mean for their financial situation.
These fears were only heightened during the general election, when the Conservative Party’s plan to tap into older people’s housing wealth to help cover the cost of care was dubbed the “Dementia Tax”. This was so immediately unpopular that the party backtracked on aspects of the proposal during the campaign.
How a Lasting Power of Attorney Can Help
A Lasting Power of Attorney (LPA) can play an enormous role in tackling the issues presented by developing dementia.
The arrangements allow a person to appoint an ‘attorney’ to make certain decisions on their behalf, should they no longer be able to do so. The idea is that you appoint an attorney – a close friend or loved one – who you trust to always act in your best interests.
LPAs come in two distinct forms: a property and financial affairs LPA and a health and welfare LPA. You can arrange both at the same time.
Your attorney will be able to handle things like bills, bank accounts, investments and property transactions on your behalf.
We at Geoffrey Lurie Solicitors are experts in advising and the provision of Lasting Powers of Attorney