Vulnerable Face Timebomb by Not Appointing Others to Act

Professionals working with the elderly and vulnerable are raising concerns over future safeguarding following a dramatic fall in the number of lasting powers of attorneys registered during the coronavirus pandemic.

Figures from the Office of the Public Guardian reveal a 25% drop in applications, with 691,746 made in 2020/21 compared to 917,550 in 2019/20.

A Lasting Power of Attorney (LPA) is a document that allows someone to appoint another person to make decisions and act on their behalf when they become mentally incapable. LPAs are legally binding and recognized by banks and other financial institutions, allowing the appointed person to manage financial matters, property, pensions, taxes, and investments.

Without an LPA, managing affairs becomes more difficult and costly, requiring permission through the Court of Protection.

There are two types of LPA: one for property and finance, which can be used immediately after registration, and one for health and welfare, which can only be used after the loss of mental capacity.

The drop in numbers comes despite the launch of online services intended to simplify the process. However, concerns have been raised about oversight, fraud protection, and the rising number of rejected applications due to drafting errors.

An LPA is an essential element of lifetime planning, ensuring someone of your choice can manage your affairs and make decisions. Professional advice is recommended to ensure the LPA reflects your wishes and protects against financial abuse.

For assistance, contact Symes Bains Broomer at 01724 281616 or info@sbblaw.com.