Interesting Editor's Comment featuring in Money Observer highlighting why a Lasting Power of Attorney is such a big deal and the importance of giving thought to putting them in place.
If you don’t have an LPA set up and do find yourself unable to manage your affairs, the Court of Protection will appoint a deputy to take them over. It might be a relative, close friend or solicitor, but whoever it is, the choice of individual will not be yours. Moreover, the deputy’s decisions will be much more closely scrutinised and there’s a lot more administrative bureaucracy involved than if you have an LPA already arranged. It’s also more expensive. In short, it is less satisfactory all round.