According to consumer advice magazine Which? many people don’t understand how the Power of Attorney system works…
In a survey of 2,000 people in November 2021 Which? found that, surprisingly, only 15% of people have an LPA “Despite the peace of mind it can bring…”.
Which? also found common misunderstandings about how LPAs work and when you should make one. Respondents also did not appreciate that an LPA must be registered before someone loses capacity – it’s too late once someone has already lost capacity. 70% of respondents said they “…were healthy so did not need one.”
Many people also mistakenly believe an individual loses access to their financial accounts when their LPA is registered (this is not the case).
Our advice at Thorne Segar is to view an LPA like an insurance policy: It must be in place prior to any unexpected turn in events. Knowing that you have an LPA in place in case the unfortunate happens can be hugely reassuring.
If you have any queries about LPAs you can download our exclusive guide “LPAs Lasting Power of Attorney. Everything you need to know in 30 minutes”.
It covers everything you need to know to make an decision about LPAs including:
- What is an LPA?
- DIY v. Professional
- The two types of LPA
- Risks of LPAs
- Choosing Attorneys
- and more….
See the full Which? article at https://www.which.co.uk/news/article/power-of-attorney-system-in-desperate-need-of-improvement-which-warns-akyqS4k1aG4o
Now, more than ever, it’s important to get the best legal advice
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