Not got an LPA in place yet?
It turns out, you’re not on your own.
According to the latest research, fewer than one in three ‘baby boomers’ – i.e. Brits born between 1945 and 1964 – have a lasting power of attorney (LPA). And whilst new registrations have risen slightly since 2020, the overall number remains 18.8% below pre-pandemic levels.
For a generation that’s approaching later life, these stats are somewhat worrying.
Appointing an LPA is a crucial part of financial planning. If you’ve been putting it off, now is the time to act and get yours sorted, with the help of our power of attorney solicitors.
Why is it important to have an LPA?
The government recently announced new plans to update the LPA system – bringing it into the digital era and making it quicker and easier. Which it’s hoped will help to boost the numbers.
But, more still needs to be done to improve awareness of the importance of the LPA itself.
Perhaps you’re worried about handing over power, whilst you still have all your faculties? Or maybe you believe you’re still too young to be preparing for later life?
An LPA is the best way to provide you and your family with protection for the future, no matter what happens. But they can only be registered while you still have mental capacity. After that, it’s too late. Which is why, it’s crucial to act sooner rather than later.
And doing so has a range of extra benefits.
The benefits of appointing a power of attorney
Aside from peace of mind.
1. Choose someone you trust
If you suddenly lost the ability to make important decisions for yourself (regarding your health, medical care, finances etc.), someone else would need to make those decisions on your behalf.
Without an LPA in place, it’s unclear who that would be.
In most cases, it’s simply left to the courts – or they’d appoint a solicitor or accountant instead.
But when you appoint a power of attorney, you get to choose. It can pretty much be anyone, as long as they’re over the age of 18 and understand the responsibility. Which means, you can select someone you trust, who knows you and is likely to act in a way you would have wanted.
2. Do things your way
According to Age UK, over the next 20 years, the number of individuals with complex care needs will increase dramatically – as more and more ‘baby boomers’ live to the age of 85 or older.
What if you’re suddenly hospitalised? Or your mental capacity begins to quickly deteriorate?
In such circumstances, again, urgent and life-changing decisions will need to be made. And with an LPA in place, you can be confident that those decisions will reflect your personal wishes.
It’s also possible to leave instructions. Whether there’s a specific nursing home you’d like to go to, or a particular way in which you’d like your money to be spent (e.g. to contribute to your grandchild’s university fees), this can be set out in our LPA form – and those instructions will be legally binding.
3. Unburden your loved ones
Making provisions now could protect your loved ones from entering a legal limbo.
Without an LPA, they would need to apply for a deputyship at the Court of Protection. Not only does this cost more than an LPA (£365 plus fees compared to £85), it can take up to three months to complete – during which time, they would be unable to make any decisions on your behalf.
They would also be unable to gain access to your bank accounts. Which means, they may not be able to pay for the mortgage – or other essential bills. And until the deputy is appointed, your loved ones could be faced with a period of financial hardship.
4. Protect against fraud
If – for whatever reason – your mental capacity has deteriorated and you’re no longer able to make financial decisions for yourself, this could make you a very easy target for fraudsters.
In this way, having an LPA is a bit like being surrounded by a shield.
The person you have appointed as your attorney will always be there, to protect you from making unwise decisions, doing something that isn’t in your best interests, or falling prey to a cruel scam.
Ready to take the first step?
It’s a no brainer. Regardless of your current health or age group – whether you’re a baby boomer, a gen X or even a millennial – registering anLPA is always a good idea. And if you’ve been convinced by the advantages outlined above, our lasting power of attorney solicitors are on hand to help.
Knowledgeable and experienced in this area, we can assist in the making of your LPA – ensuring you select the right person and that the LPA document accurately reflects your wishes. We can also guide you, quickly and seamlessly, through the registration process. All you need to do is get in touch. You can request a free initial consultation with one of our LPA solicitors by filling out our online enquiry form. Or if you’d like further information on the services we provide, either call us on 01744 742360 or send an email to firstname.lastname@example.org and we’ll respond as soon as possible.