It is not a nice thought but there may come a time when you may become incapable of managing your property and financial affairs or personal welfare, you will need someone to do this for you. You can formally appoint a friend, relative or professional to hold a LPA that will allow them to act on your behalf.
A LPA is a legal document that lets you appoint someone you trust as an 'attorney' to make decisions on your behalf. This legal document can be drawn up at any time while you have capacity, but has no legal standing until it is registered with the Office of Public Guardian. Once the LPA has been registered it can be used at any time, whether you have the mental ability to act for yourself or not.
Either you or your attorney can apply to the Public Guardian to register your LPA. The application can be made at any time after you made the LPA
There are two types of LPA's
1. Property and affairs
A Property and Affairs LPA allows you to choose someone to make decisions about how to spend your money and the way your property and affairs are managed. You can appoint the attorney to manage your affairs whilst you still have mental capacity or them to act after you lose capacity
2. Personal Welfare
A Personal Welfare LPA allows you to choose someone to make decisions about your healthcare and welfare. This includes decision to refuse or consent to treatment on your behalf and deciding where you live. Only these decisions can be taken on your behalf when the LPA is registered and you lack the capacity to make the decisions yourself. The attorney can only act after you lose capacity.