Filling the gap if you lose the capacity to deal with your affairs
There is a distinct possibility that you could lose the capacity to deal with your affairs well before you die. Lasting Powers of Attorney (LPAs) are intended to fill the gap. An LPA is important, and it should be drawn up while you still have full capacity (they are often dealt with at the same time as a Will). Bear in mind that incapacity could be triggered by an accident or a sudden illness, rather than gradual decline.
More than two million LPA registrations were filed by the end of 2016, with the number of appointments more than trebling between 2010 and 2015. The figures from the Office of the Public Guardian (OPG) were disclosed through a Freedom of Information request by Old Mutual Wealth.
Delegating power An LPA is used to delegate power to someone to manage an individual’s personal and/or welfare affairs in the event that they become mentally incapacitated.