A survey by consumer watchdog reporters, Which?, reported that only one in seven people have given someone else power of attorney over their affairs.
The main reason for this is due to a lack of awareness about the benefits of a Lasting Powers of Attorney (LPA).
Most respondents to the survey had heard of LPAs, but thought it meant they would lose control of their financial affairs.
However, LPAs can be given to make decisions about health and welfare, as well as other matters.
They also found it difficult for public and private institutions to accept LPAs, due to a lack of guidance from their lawyers.
Nip it in the bud
77% of respondents also thought that LPAs could be created by someone who has already lost mental capacity.
However, it is better to make plans earlier, as family members would be then required to comply with the Court of Protection’s rules. This creates a lot of administrative and financial burdens.
What is an LPA?
An LPA gives anyone over 18 years of age the ability to appoint a trusted individual to make decisions regarding their physical welfare and finances. This is especially in the event of their mental capacity failing.
It prevents the state from intervening in your private affairs, and allows you to appoint trusted individuals to make decisions on your behalf. It saves time and you can avoid costly court fees.
To find out more about LPAs, contact our private client team on 01924 461236 or emailing danyal.abubaker@kingswellwatts.co.uk or jonathan.lloyd@kingswellwatts.co.uk.
