The new lasting power of attorney (LPA) replaced the old enduring power of attorney in October 2007. You can read an outline of the differences between the old EPA and the new LPA here.
If you are unable to look after your own affairs, and you do not have a Lasting Power of Attorney, the Court of Protection will appoint a Deputy to manage your affairs for you. There will probably be significant legal fees due and the Deputy may not be aware of your personal circumstances. This could apply to anyone, at any age, by reason of illness, disability or mental impairment who may no longer be able to deal with even simple matters like handling a bank or building society account or transacting a house sale.