What is a Lasting Power of Attorney (LPA)?
A Lasting Power of Attorney is effectively a living Will and can be used in both personally and for businesses.
If you lose mental capacity but you are still alive your assets may be frozen. Whilst a deputyship is being granted by the courts which can take up to a year, your loves ones may not then be able to live from day-to-day with the funds available to them, especially if you have dependents.
Do I need one?
Essentially, if you do not have a lasting power of attorney you may be putting yourself and your family at risk.
If you run a business, you should also consider drawing up a business lasting power of attorney, as your personal attorney may not be the right person to manage your business affairs in a worst case event.