Would you give control of your finances or the authority to make a decision about if and when to sell your house to a complete stranger? Would you be happy with choices made by that stranger in respect of your investments and savings?
If the answer to any of the above is â€˜no', you need to consider what arrangements you have in place for the future in the event that you become unable to deal with your own affairs either because of mental incapacity or physical infirmity.
A Lasting Power of Attorney (LPA) - Property & Affairs - can be made while you retain mental capacity. Thought should be given to setting up such documents well before the age at which dementia and Alzheimer's become commonplace.
Under a LPA you can choose who you would like to manage your affairs and make decisions on your behalf in the event that you can no longer make those decisions yourself. You will be able to consider who you feel to be the most appropriate person to assist you in these matters and rest assured in the knowledge that your attorney will act in your best interests at all times.
If you lose mental capacity and do not have a LPA in place, a Court application will have to be made for a Deputyship Order appointing a deputy to handle your affairs on your behalf. More often than not your deputy would be a family member but, if that is not possible, it can result in a complete stranger being appointed.