Posted on 28.11.16 by Michael Smoult
Recent statistics show that Mancunians are the least prepared for the possible likelihood of mental incapacity and dementia with 70% of residents having no form of Power of Attorney in place.
The contrast in regions is very troubling, with the UK’s northern cities making up the majority of the top 10 list for residents with no Power of Attorney in place.
Top 10 cities for residents not having an established a Power of Attorney
(National Avergage 62%)
Dementia on the Rise
Over the next 12 months, around 225,000 people in the UK will develop dementia, that’s an average of one person every 3 minutes. Dementia is one of the UK’s fastest growing conditions with over 850,000 people affected in 2015 and this number is expected to rise to over 1 million by 2025.
Preparing a Lasting Power of Attorney (LPA) is often seen as just a concern for the elderly, this is becoming increasingly untrue with cases of dementia also growing amongst younger generations, with over 40,000 men and women under 60 reportedly affected by the condition.
It has never been more important to prepare lasting powers of attorney to ensure your assets and your health and care are protected should you be affected by a degenerative mental illness.
Who Should Consider Appointing an LPA?
We believe these statistics stem from a fundamental lack of awareness of why you would require an LPA. We frequently encounter clients who are shocked that they cannot automatically gain control of their family member’s finances and affairs. It’s important to take pre-emptive action as an LPA can only be prepared whilst you have mental capacity to make these decisions.
Without an LPA in place, if the donor lacks mental capacity, your family members will be faced with the much longer and costlier process of applying to the Court of Protection to obtain an Order of the Court. A Judge will then make the decision on who should be the appropriate party to manage the property and financial affairs of your loved one. Therefore an LPA is by far the quickest and cheapest option to protect your future.
Preparing an LPA is a simple process which can be made even smoother by dealing with the right people. Here at Gorvins we have a trusted, experienced and specialist team who can help advise you with the detail of a Lasting Power of Attorney so that the people you trust the most will be able to look after your affairs should you not be able to.
For more blog posts from Gorvins on Lasting Power of Attorney please click here