An Ageing Population - Lasting Powers of Attorney
- AuthorEmma Greenland
Due to the covid-19 pandemic there have been a greater number of deaths than in more recent years and combined with a falling birth rate since 2015, we have a decreasing population for the first time in 45 years!
If this pattern were to continue, we would see an ageing population, which could leave the elderly vulnerable, if they do not have a younger generation to support them.
Such statistics are evident of the requirement to make sure you have the relevant support system in place, which would start with the preparation of Lasting Powers of Attorney (LPAs).
Why should I have a LPA?
These documents allow for a trusted friend, neighbour, family member or professional, to be able to assist you with your finances and health requirements, should you be unable to do so yourself. You still have full access to all of your own accounts and can make your own decisions, but it means that there is another individual able to step in, if you were to need assistance.
The benefits to LPAs
There are many benefits of preparing LPAs while you are fit and healthy, as they cannot be prepared if you were to lose mental capacity. It is also currently taking the Office of the Public Guardian up to 15 weeks to register LPAs, which is a significant length of time if someone was unable to make their own decisions in the interim.
While we cannot predict the future, people of all ages should be preparing LPAs to account for the unknown illness or circumstances which may arise. Your attorney could even step in for you if you were on holiday and something important required action. There are so many possibilities as to how these documents may assist and unfortunately, we hear of too many circumstances where they haven’t been put in place, prior to them being needed.
Contact me, Emma Greenland, in the Wills Trusts and Probate team via Emma.firstname.lastname@example.org or on 01268 824947, if you would like further information regarding the preparation of LPAs, or for any assistance in respect of estate planning.