Receiving a diagnosis for early-stage Dementia can be a very worrying time for you and your loved ones. For many, the focus becomes getting financial affairs in order and thinking about the preparations to be made for the future.
We asked Jasmine Lambert, Managing Director of Redwood Financial to tell us about Lasting Power of Attorney for people living with dementia.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document and is currently one of the most important documents you could ever create, as it is the only way to ensure your health and assets can be managed how you would want them to be, should you lose physical or mental capacity during your lifetime.
There are two types of Lasting Power of Attorney: A Property and Financial Affairs LPA, and a Health and Welfare LPA.
A Property and Financial Affairs LPA allows elected Attorneys to deal with the financial aspects of the Donor’s Estate, whereas the Health and Welfare LPA allows your Attorneys to deal with your health and care decisions.
Download Redwood Financial’s free Guides about Powers of Attorney
Both types of Lasting Power of Attorney were introduced as part of the Mental Capacity Act, launched in October 2007. Prior to this, there was a product called an Enduring Power of Attorney (EPA).
If you have an EPA created before 1st October 2007, it is still valid. However, it only covers your financial affairs and not your health and wellbeing.
“A person who has been diagnosed with dementia is able to get a Lasting Power of Attorney in the vast majority of cases, and a diagnosis should never be seen as a barrier to putting this critical planning in place.” – Jasmine Lambert
If you need more information regarding Power of Attorney you can contact Redwood Financial on 01489 877547 or call Dementia Support – Hampshire & IOW on 0344 324 6589.