- On August 6, 2019
The number of people registering a Lasting Power of Attorney has more than doubled in the past three years, according to the Office of the Public Guardian (OPG).
Registrations of Lasting Powers of Attorney (LPA), which allow people to choose someone they trust to take care of their health or financial affairs, have reached 3.85million, with 800,000 being made in the last financial year alone.
According to a This Is Money report “an aging population, greater awareness of conditions like dementia, and the trend towards people investing their pension in retirement” are some of the key factors driving the increase.
An LPA is a legal document which allows you to appoint an attorney to make decisions about your finances or medical care.
Powers of Attorney are often used by people wanting the security of knowing someone will look after their affairs if they’re no longer able, but they have other uses as well.
For example, if you’re leaving the country for an extended period you can set up a Property and Financial Affairs Power of Attorney which enables someone else to handle your UK finances, such as dealing with banks or selling property.
You must be over the age of 18 and have the mental faculties to make decisions for yourself at the time of creating an LPA.
If you don’t create an LPA and later fall ill, family members can face a lengthy legal battle to secure control over your money and assets.
LPAs replaced Enduring Powers of Attorney in 2007.
If you’d like to find out more, we’ve written a guide to Lasting Powers of Attorney and how they can be used.
Family Estate Planning can advise on Lasting Powers of Attorney and draw up the legal documents required to register an LPA with the OPG. Please email email@example.com or call Andy on 07984 013533 for an informal chat.