Why you should probably set up a lasting power of attorney

You will need someone to run your affairs if you become incapable of doing so yourself – that's where a lasting power of attorney comes in.

Your designated decision maker, or attorney, is taking on a big responsibility
(Image credit: Getty Images/iStockphoto)

When it comes to planning for later life most of us focus on our pensions and whether we have saved enough for luxury holidays. But what happens if you become incapable of making or communicating your own decisions?

More and more of us are making plans for what happens if we lose our mental faculties in later life. A lasting power of attorney (LPA) gives a friend or loved one the power to manage our affairs when we no longer can. In 2018 over 800,000 LPAs were set up in England and Wales. That is triple the figure for 2013.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.