According to recent data undertaken by the Financial Adviser, the number of newly registered Lasting Power of Attorney who can make financial and health related decisions for someone else, rose to about 800,400 in 2019.
This is a 192 percent increase on the 273,583 new LPAs in 2013. It is up from 753,676 in 2017, a 6 percent rise and has increased by more than a third since 2016.
A Lasting Power of Attorney is a legal document that allows a trusted person to manage an individual’s affairs, in the event that they lose mental capacity. There are two types of Lasting Power of Attorney – Property and Financial Affairs and Health and Welfare. Under the Property and Financial Affairs Lasting Power of Attorney, you do not need to lack mental capacity to require assistance in the management of your Financial Affairs, for example you could become housebound and physically unable to manage your Financial Affairs. Under a Health and Welfare Lasting Power of Attorney, this comes into effect when you are unable to make any decisions for your care and personal wellbeing and when you lack then mental capacity.
The rise in the number of LPAs can be attributed to the rising age of the UK population. This is set to increase as research predicts 14.3 million people will be aged 65 and over in the UK by 2026. This equates to 3.5m rise on the 2016’s of over 65’s.
Modern living has changed the way we live. Fewer people are living in traditional family units. Research undertaken suggest that those born in the 1980s can expect to live until they are 89. A quarter of babies born today will live to be over 100.
In addition, the number of people with dementia diagnoses has more than doubled according to the NHS. There are over 850,000 people currently living with dementia. This number is likely to rise to over 1 million by 2025 and to 2 million by 2051. The Stroke Association confirms there are over 1.2 million stroke survivors living in the UK.
If Fisher Jones Greenwood can assist you in making an Application for Lasting Power of Attorney, then please do not hesitate to contact us on 01206 700113 or email [email protected] to arrange a mutually convenient appointment.