A Lasting Power of Attorney gives someone you trust the legal authority to make important decisions for you. As average life expectancy rises it is more and more important to think about how your affairs would be managed if you became unable to deal with things for yourself due to ill health or incapacity.
There are two types of Lasting Power of Attorney.
A Health and Welfare Power of Attorney enables your attorneys to make decisions about medical treatment, where you live and how you are looked after if you became unable to make decisions for yourself perhaps because of dementia or a stroke.
A Property and Financial Affairs Power of Attorney enables your attorneys to make deicisions and to act on your behalf in connection with your financial affairs both when you retain mental capacity but are, perhaps, physically unable to deal with things, but also if you became unable to manage your own affairs because of a mental incapacity.
It is not just older people who need to think about Lasting Powers of Attorney. None of us can know what might happen at any time in our lives that might make it beneficial to have already appointed someone we trust to have the legal authority to help look after our affairs. If you run your own business you should consider appointing someone to be able to take decisions and act on your behalf if you became unable to do so.