More and more people are looking for the protection given by a Lasting Power of Attorney.
As the United Kingdom population gets older and the fear of family disputes increases, it has led to a rise in people handing over their financial affairs to friends or family members in case they should fall ill.
Figures from the Office of the Public Guardian (OPG) to the year to April 2019 show 759,976 applications were made for a friend or family member to be granted a Lasting Power of Attorney ( LPA). This is an increase from only 52,492 applications ten years ago. The increase has occurred partly due to more awareness that it is important to make plans early on in life.
Around 60% of applications for an LPA are made by women, with most being over the age of sixty according to official data.
What is a Lasting Power of Attorney?
An LPA is a legally binding document that lets you (the “donor”) appoint one or more people (known as “attorneys”) to help you make decisions or to make decisions on your behalf. This will give you more say over what happens to you if you have an accident or an illness and cannot make your own decisions. The legal term for this is “lack of mental capacity”.
To sign an LPA you must be 18 years or over. Additionally, you must have “mental capacity” when you make your LPA. Legally, mental capacity means that you have the ability to make your own decisions.
What happens if a lasting power of attorney is misused?
If you have concerns that someone is misusing an LPA, then you can apply to the Court of Protection. If you feel that someone is committing a criminal offence you should also contact your local police.
A way to protect yourself is by naming two attorneys on your LPA. They must act jointly as attorneys, meaning they cannot make financial decisions without the other person’s agreement.
How Anstee & Co can help you with financial planning.
We are a firm of Independent Financial Planners. This means that the advice we provided in unbiased. We look at all the financial solutions available to you from the “whole of market”. We have a specialist team dedicated to “Later Life” planning.
As a firm, we do not produce LPA‘s but can recommend Solicitor Firms that do.
If you would like help with your retirement and financial planning then why not arrange a meeting. The initial fact-finding meeting is at our cost and without obligation. Meetings can be arranged at a time and location convenient to you. This includes home visits.
- Kettering, Northamptonshire
- Birmingham, Snow Hill Queensway
- Stamford, Lincolnshire
- London, Pall Mall
- Towcester, Northamptonshire
Our qualified financial planners also live and make use of meeting rooms in-
- Bedford, Bedfordshire
- Droitwich, Worcestershire
- Market Harborough, Leicestershire
- Northampton, Brackley and Wellingborough in Northamptonshire.