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According to research carried out by the Alzheimer’s Society, more than 1 million people living in the UK will have Dementia by 2025. In fact, one in 5 people aged over 85 already suffer from it, which is a frightening prospect, particularly for those who haven’t taken care of their financial affairs before falling ill. This is why you should always plan ahead, for both your benefit and that of your family.
If you would like to appoint someone to make such decisions on your behalf, then you will need to appoint a ‘lasting power of attorney’ – this is a legal document which appoints a person chosen by you, to take care of your financial affairs for you. There are two different types of lasting power of attorney (or LPA):
Lasting power of attorneys are designed to be officially recognised by any financial or other institutions, including tax and pension authorities. These documents are legally binding and can be set up rather easily without having to hire a solicitor. Any LPA’s must be registered with the Office of the Public Guardian – if you would like any assistance regarding LPAs anywhere in the World where they are recognised by law, then simply get in contact with Harbour Wills & Estate Planning today.
Contact us throught a representative or submit an enquiry online.
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