Another question I get asked is why do I need lasting power of attorney? As we go through life, we may face situations where we can't make important decisions about our finances, property, or health. In such cases, having a Lasting Power of Attorney (LPA) can be a real game changer. An LPA is a legal document that lets you choose someone you trust to make decisions on your behalf if you become unable to do so yourself. There are two types of LPAs: financial and property LPA, and health and welfare LPA.
Am I the only one who doesn't have a Lasting Power of Attorney?
However, despite the benefits of having an LPA, it turns out that many people in the UK aren't ready for the possibility of losing capacity and having someone else make decisions for them. Despite the evident advantages of having an LPA, research by The Office of Public Guardian says the less than 1% UK population have an established LPA, raising concerns given the aging demographic and the prevalence of conditions like dementia. Woah! This is especially concerning given the aging population in the UK and the fact that dementia is one of the leading causes of loss of capacity in later life.
But it's not all doom and gloom! There's also some good news - there has been a significant increase in the number of LPAs registered over the past decade, with a whopping 40% increase in registrations between 2017 and 2019 alone! In 2018/2019, there were over 800,000 LPAs registered in England and Wales alone, with financial and property LPAs being the most common type.
The importance of having an LPA cannot be overstated. By taking the time to set up an LPA, you can make sure that your wishes are respected and that your affairs are managed by someone you trust if you lose capacity. Not only does this reduce stress for your loved ones, but it also saves them from having to make difficult decisions on your behalf, saves you time and money, avoids unwanted medical treatment, and protects your assets.
Is Lasting Power of Attorney just for old people?
Don't think LPAs are just for older people either. Accidents or illnesses can happen to anyone, and having an LPA in place can make sure that your wishes are followed and your affairs are managed by someone you trust, regardless of your age.
How long does it take to get a Lasting Power of Attorney?
Now, we're not going to sugar-coat it - creating an LPA isn't exactly a walk in the park. The average time it takes to register an LPA is around 9-10 weeks. This includes the time it takes to gather all the necessary information and complete the application process. While there are fees (£82 per document as of writing this) associated with creating an LPA, it is an essential investment that can save time, money, and stress in the long run.
Who should I chose as my Attorneys?
When creating an LPA, it's important to choose your attorney carefully. Your
attorney should be someone you trust implicitly, as they will be making important decisions on your behalf. You should also have a good chat with your attorney about your wishes and preferences in advance, so they can make decisions that reflect your wishes. It's also essential to keep your LPA up to date and update it if your circumstances change.
Do I need a lasting power of attorney?
Having an LPA is absolutely essential for anyone who wants to ensure that their wishes are followed and their affairs are managed by someone they trust if they lose capacity. By taking the time to set up an LPA, you can be sure that you are prepared for the possibility of losing capacity and provide peace of mind for both yourself and your loved ones. So what are you waiting for? Get cracking and set up that LPA today!
If you’re looking to write your will or lasting power of attorney book an appointment with Joshua Young. I am A Will Writer covering Farnborough, Basingstoke, Camberley, Aldershot and the surrounding areas.