Not Just for Later Life

Wills, Lasting Powers of Attorney, and estate planning are often associated with older age. In reality, they matter to adults of all ages because illness or injury can happen without warning, at any time.

I have worked in financial services since 1994 and moved into estate planning in 2011, so I know how vitally important this is and how it can affect each and every one of us.

Lasting Powers of Attorney (LPAs), especially financial LPAs, are often overlooked. I strongly believe they should be a legal requirement because they help protect every one of us if we are ever unable to make decisions for ourselves..

Why Age is Not The Main Factor

You do not need to be in later life to need an LPA. What matters is the possibility that illness, injury, or an unexpected change in circumstances could leave someone unable to make decisions for themselves at any age.
• They are not just for older people.
• They can protect adults of any age.
• They are especially important when families are concerned about conditions such as dementia.

Why Planning Ahead Matters

A serious accident or sudden illness can affect anyone, including younger adults. If you were to lose mental capacity, even temporarily, the people closest to you would not automatically be able to manage everything on your behalf.

• Your bills and other financial commitments could go unpaid
• Important healthcare decisions might be delayed.
• Your loved ones, including your parents, would not automatically have authority to deal with your bank or make decisions for you.
• Without an LPA, resolving these issues can take months and may cost thousands of pounds

Planning for the future is particularly important when considering conditions such as dementia, which can gradually affect a person’s ability to make decisions and manage their affairs.

• In the UK, one person develops dementia every three minutes.*
• Around 850,000 people currently live with dementia in the UK.*
• This number is expected to rise to 2 million by 2051.*
• Alzheimer’s disease is the most common type of dementia, affecting 62% of those diagnosed.*

*Statistics are taken from Alzheimer's Society.

What Happens Without a Power of Attorney?

If you lose mental capacity and do not have a Power of Attorney in place, your loved ones may need to apply to the Court of Protection before they can manage your finances or make decisions about your wellbeing.

It is important not to assume that relatives can automatically access your bank accounts or deal with matters on your behalf.

Loss of Capacity Can Happen at Any Age

Talking about losing mental capacity can feel uncomfortable, but it is important to consider the possible consequences. A stroke, dementia, or a serious accident, such as a fall that causes a life-changing head injury, can leave someone unable to make decisions for themselves. That is why planning ahead is not only relevant in later life.

How a Financial LPA Helps

If someone loses mental capacity and can no longer make informed financial decisions, they will need support in managing their affairs. A Financial Lasting Power of Attorney allows a person, while they still have capacity, to appoint a trusted friend or relative to act on their behalf if that support is ever needed.

How a Health and Welfare LPA Helps

A Health and Welfare Lasting Power of Attorney allows a person to appoint someone they trust to make decisions on their behalf if they lose mental capacity. These decisions can include day-to-day care, medical treatment, and wider health and social care needs.