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Lasting power of Attorney

Why a lasting power of attorney is not just for the elderly

Mental and physical incapacity can hit at any time, which is why charities recommend planning ahead to ease the potential burden on loved ones

We all know that we should write a will, but too few of us know we should also consider something called lasting power of attorney.

By 2025, more than 1 million people in the UK will have dementia, according to the Alzheimer's Society. One in five people over 85 already suffers from it, with rates significantly higher among women than men. Handling your financial affairs becomes virtually impossible – which is why charities who care for the elderly recommend everyone plans ahead to ease the potential burden on our relatives.

A lasting power of attorney (LPA) gives another individual the legal authority to look after specific aspects of your financial affairs or health and welfare should you lose the capacity to do so. It's not just for the elderly; younger people may become incapacitated through accident or illness. If you do not have an LPA in place and later become mentally incapacitated, relatives may face long delays and expense in applying to the court of protection to get access and take control of your assets and finances.

LPAs are designed to be recognised by financial institutions, care homes and local authorities, as well as tax, benefits and pension authorities. They are legal documents that can be set up relatively cheaply, with or without the help of a solicitor. You may consider having one alongside your will.

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The Financial Detectives were a joy to have working on our behalf from beginning to end. With professionalism, an ability to calm a frazzled homeowner (me) and no apparent exasperation at all they managed to negotiate a very competitive product for us, consolidating much of our debt and ensuring five years of financial stability mortgage-wise for our family.  No easy feat as we were not the easiest of applications due to complicated work situations and the aforementioned debt.  I would have no hesitation in recommending the team to anyone, and will certainly return to them for a new mortgage in 5 years time, although I fear they may run and hide from us! M & C Hayden   M & C Hayden, 2017

From the initial phone call all the way through to the completion date Hannah and the team at the Financial Detectives were fantastic! Their knowledge and understanding of the market and all of the processes involved in purchasing a house inspired great confidence and certainly put our mind at ease. They talked us through all of our options and made sure that the mortgage we went for was the best product for us. The team also helped move along our purchase and make sure that any queries regarding our mortgage were followed up immediately. Their service was always carried out to a high standard, and nothing was too much trouble. We have already been recommending you to friends, family and colleagues. Thank you so much for all of your help! H & S Lodge,

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*Please note some of these products are not regulated by the Financial Conduct Authority

Daniel Rowden trading as The Financial Detectives is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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