Lasting Power of Attorney
There are two types of LPA, property and finance as well as health and welfare. They are used to appoint people who you trust to make decisions for you in the event that you cannot make the decisions yourself.
The important consideration about LPAs is that they need to be in place before you lose capacity to make the decisions yourself. Not doing so will mean that your family, or any dependants will have to go through the Court of Protection. This can be a needlessly lengthy and expensive process.
With us all now living longer lives it is often the case as people become older that they need help with handling their finances. However, without a Lasting Power of Attorney in place this can be a difficult situation to find yourself in with ageing parents as an example.