A Lasting Power of Attorney is a legal document which allows you to give your Attorney (someone you know and trust), your authority to deal with your affairs if you are unable to do so yourself. A Lasting Power of Attorney cannot be used until it has been registered at the Office of the Public Guardian.
A Lasting Power of Attorney can be for your financial affairs, your personal welfare (e.g., medical treatment, care etc) or both.
The power does not take away your right to deal with your assets, it is simply there in case you need someone to make decisions for you in the future.
Making a Lasting Power of Attorney is sensible in planning for the future. If you do not have a Lasting Power of Attorney and you lose mental capacity to deal with your affairs, then someone will need to be appointed by the Court of Protection to make decisions for you, this is known as a Court of Protection Deputy. This can be very costly, frustrating and time consuming.
Appointing an Attorney under a Lasting Power of Attorney is much less expensive and enables you to appoint somebody that you know and trust and will give you and your family peace of mind for the future.