Why you should consider a Lasting Power of Attorney

We all know that we should write a Will, but too few of us know we should also consider making a Lasting Power of Attorney.

The issue is becoming increasingly important, with Suffolk’s over-65 population forecast to grow by nearly 60% by 2039, according to a new report based on Office for National Statistics data.

Over 65s are nationally the fastest growing age group, as better healthcare prolongs life expectancy. Problems surrounding an ageing society are particularly acute here in Suffolk – experts predict one in three people in the county will be older than 65 by 2039, compared to one in four in England.

Charities who care for the elderly recommend everyone plans ahead to ease the potential burden on relatives – and one key way of doing that is by making a Lasting Power of Attorney, which gives another individual the legal authority to look after specific aspects of your financial affairs or health and welfare should you need extra help or lose the capacity to make these decisions for yourself.

If you do not have a Lasting Power of Attorney 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.

There are a number of reasons why you might need someone to make decisions for you or act on your behalf. It may just be a temporary situation, for example, if you are in hospital and need help with everyday things such as making sure bills are paid.

Alternatively, you may need to make longer-term plans if you have been diagnosed with dementia and you may lose the mental capacity to make your own decisions in the future.

How can Gotelee help?

Making a Lasting Power of Attorney helps ensure the people you care most about aren’t forced to deal with unnecessary difficulties in the future.

Just as important is keeping an up-to-date Will; without one, your final wishes may go unheard and your loved ones will face the added pressure at an already emotionally fraught time.

Both Lasting Powers of Attorney and a Will are especially important if you own property or other valuable assets, and even more so if you have children.

Our specialist team of lawyers can meet you at one of our offices in Ipswich, Hadleigh, Felixstowe, Woodbridge or Melton and can guide you through the process.

To find out more, contact the Private Client Team on 01473 211121 or email [email protected].