In the UK we are living longer than ever before, with over 21% of males and 32% of females alive today expected to live beyond the age of 90. Whilst a triumph, this increase in life expectancy means that, for some, there is a greater chance of ill health in later life.
Notably, it is estimated that there are currently 19,000 people in the Greater Essex area living with dementia. A figure predicted to rise to over 25,000 in the next 10 years. As a result, it is now more important than ever to make plans for the future and crucially to decide who you would like to make decisions on your behalf if there comes a time when you cannot do so.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney, sometimes referred to as an ‘LPA’, is a legal document allowing the appointment of one or more people, referred to as ‘attorneys’, to either assist with decisions or to make decisions on another’s behalf. There are two types of Lasting Power of Attorney, the first relates to financial decisions and the second to health and welfare decisions.
Once someone has lost capacity, if there are no Lasting Powers of Attorney in place, it can be very difficult for loved ones to, for example, access funds to facilitate a move of home or arrange for medical appointments. Despite this, across the UK just 12% of people have some form of Lasting Power of Attorney in place. By contrast, 86% of the nation would like their friends and family to make decisions on their behalf when they are no longer able.
Though often a difficult topic to broach, a few small steps now can eliminate great difficulties in the future. If you would like any further information or advice regarding the preparation of Lasting Powers of Attorney then our Wills, Life Planning, and Probate team would be happy to help. Please call us on 01206 700113 or email [email protected]
Credit – blog post written by Lauren Hancock.