A Lasting Power of Attorney is a legal document that allows you to appoint someone (or several people) you trust as an ‘attorney’ to make decisions on your behalf should you become incapable of managing your own affairs. This could include such things as bank accounts, overdrafts, credit cards, savings, investments, property, and your own personal welfare.
Attorneys can make decisions for you when you no longer wish to or when you lack the mental capacity to do so.
Without an LPA, these decisions will be made by the Court of Protection and your relatives will have to apply to the court to be appointed as your deputy. They will have to pay fees just to access your bank accounts and pay your bills. They may even feel as if they are under suspicion of trying to defraud you, even as they try their best to look after you.