Recent figures reveal a staggering 3.4 million individuals over the age of 75 in the UK have yet to appoint someone as their Lasting Power of Attorney (LPA). Whether it’s for you, or for an elderly friend or relative, make sure you are not one of the millions who are underestimating how crucial having one in place is for both you and your loved ones.
What is a Lasting Power of Attorney (LPA)?
An LPA not just another piece of paperwork. It's a safeguard for a future we cannot predict. While we may be in good health and sound mind now, there's no telling what the future holds. Should the time come when you're unable to make decisions for yourself, an LPA ensures that someone you trust steps in on your behalf to deal with matters such as your health, money, or property.
What happens if you don’t have an LPA?
Without an LPA in place, the process becomes much more complicated. It may fall upon your loved ones to apply to the Court of Protection for the right to make decisions for you. This process is time-consuming and emotionally draining and can add unnecessary stress during already trying times.
Just as importantly, the absence of an LPA can lead to decisions being made that might not align with your wishes. By designating someone you trust to act on your behalf, you retain control over your future. You may not be able voice your preferences directly when the time comes, so it’s worth having discussions now with your trusted person to set our your preferences.
Rosie Hooper, financial planner at Quilter, says
“It's not about anticipating the worst, but rather about being prepared for any eventuality and providing peace of mind for yourself and your loved ones. It's better to have an LPA and not need it, than to need it and not have it as by that point it’s too late.”
Read our guidance on how to set up a lasting Power of Attorney, and who to choose.