As our population ages, there’s a steady increase in the number of older people developing dementia and other incapacitating mental conditions.
What can these people and their families do to make managing their finances easier? Your first thought will likely be the cheap and cheerful option of a power of attorney, but beware – it’s likely to fail just when it’s needed most.
We’ll have a look at what a power of attorney is, at why it is (unfortunately) not a “forever” solution, and at the alternatives available to you.
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