Itís been a while since we wrote about Lasting Powers of Attorney but this very important aspect of estate planning definitely deserves your attention and understanding.

The Alzheimerís Society estimate around 800,000 people in Britain suffer from some form of dementia with this number set to increase to more than 1 million in less than a decade. Specialists are therefore encouraging more people to use a little-known legal process to protect their finances ñ Lasting Powers of Attorney.

Itís understandable that nobody wants to consider they may lose their mental capacity and be unable to tend to their own financial affairs but sadly, increased life expectancy also indicates more lives may end in infirmity. This can have severe financial implications for the people affected, as well as their families, unless something is done in advance.

More people should consider arranging Lasting Powers of Attorney so that they can choose who looks after them and their finances should they be unable to do so. In addition to having someone you trust make decisions about your financial matters when you lack capacity, a Lasting Power of Attorney could end up saving you money ñ it could cost less than a quarter of what might be required after a person becomes incapable ñ and also reduce delay during a difficult period for loved ones.

When an individual loses capacity and does not have a Lasting Power of Attorney, an application to the Court of Protection has to be made to appoint a Deputy. The application process is far more costly, complicated and time consuming than making a Lasting Power of Attorney.

There are two types of Lasting Power of Attorney: 1. Property and Financial Affairs. 2. Health and Welfare.

At a time when people are living longer, individuals should consider making Lasting Powers of Attorney when they are arranging their wills. Lasting Powers of Attorney are an important part of estate planning.

Call us now on 020 3128 7081 for more information on Lasting Powers of Attorney. To find out how we can help you arrange one please contact us.

Ashton Grace, leading specialists in Will Writing & Estate Planning. Our consultants serve Ealing, Acton, Chiswick and London and are happy to meet with you to discuss your requirements.