People can become unable to look after their own affairs as a result of an injury or illness, which can occur at any age. If that happened to you, then unless you had taken steps in advance to properly authorise someone to deal with your affairs and assets for you, matters will be taken out of your hands and out of the hands of your family, and everything would be looked after and be overseen by the Court of Protection.
A lasting power of attorney (LPA) is set up by an individual (a donor) when they have mental capacity. They appoint attorneys to assist them in making decisions or make decisions for them where they are unable to do so.
LPAs may be for financial decisions (e.g. dealing with tax affairs, buying and selling of property, operating a bank account) or for health and care decisions (e.g. where the donor should live, decisions about medical treatment).
