It has been claimed that during tough economic times it is advisable to hope for the best and prepare for the worst.
One way to do this is by drafting a lasting power of attorney, according to ABCMoney.co.uk, which will allow somebody to act on your behalf in times when you are unable to.
The website says that many individuals avoid the step of drafting a lasting power of attorney - just like they avoid writing a will - because they hold a "superstitious belief that the act of preparing for potential problems will attract misfortune".
However, it says that when the "clear light of reason" is applied it is "simply evidence of good planning".
There are two types of lasting powers of attorney in England and Wales: a lasting power of attorney property and affairs and a lasting power of attorney health and welfare.
Written by Rachel Crook
Published on: February 19, 2009