Those who are making or updating their will are being urged to consider arranging a Lasting Power of Attorney (LPA) at the same time to protect their interests into the future.
Research was undertaken by the Law Society which showed there had been an increase in the number of people drawing up a new will during the Covid-19 pandemic.
The president of the Law Society, David Greene, said this was because the pandemic had made people reflect on how vital it is to make sure their loved ones are taken care of if they were to die.
The move is to be welcomed but making a will is not the only way to put your affairs in order; arranging a Lasting Power of Attorney can also help reduce potential problems for your family in the future.
An LPA gives another individual the legal authority to look after specific aspects of your financial affairs or health and welfare should you lose the capacity to do so.
Both kinds of LPA (financial affairs and health and welfare) must be registered with the Office of the Public Guardian (OPG), which administers the system. A key difference is that a property and financial affairs LPA can be used while someone still has capacity, whereas a personal welfare LPA can only be used once they have lost it.
A person administering a property and financial affairs LPA can make decision on things such as buying and selling your property, dealing with your bills, running your bank accounts and investing your money. If they have a personal welfare LPA, they can generally make decisions about where you should live, how you should be treated medically, what you should eat and who you should have contact with.
Mr Greene said: “When writing a will, people should also consider making end of life provisions – which determine how they want to be treated medically at the end of their life – and lasting powers of attorney – which grants a trusted friend or family member the right to make financial and welfare decisions on their behalf if they lose mental capacity or become seriously unwell.
“68% of those surveyed did not make lasting powers of attorney or end of life provisions. Many do not know that lasting powers of attorney or end of life provisions can only be made whilst they are deemed to have mental capacity.
“Making these arrangements alongside their will ensures people are able to make these important decisions for themselves – giving them peace of mind during the pandemic and going forwards.”
LPAs are often used by older people to choose someone they know and trust to make decisions for them if they lose capacity in the future. However, LPA’s are not just for the elderly; younger people may become incapacitated through accident or illness, which is why many charities recommend planning ahead to ease the potential burden on loved ones.
The number of registered LPAs has increased enormously in recent years to more than 4 million.
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Meg Wilton is a Chartered Legal Executive and the Head of our Private Client Department. She can provide specialist legal advice in relation to making a Will or setting up Powers of Attorney.
If are considering arranging a Lasting Power of Attorney or have any queries relating to any of the issues mentioned in this article, please get in touch with Meg by calling 0800 086 2929, emailing info@elitelawsolicitors.co.uk or completing our Free Online Enquiry Form.
The content of this article is for general information only. The information in this article is not legal or professional advice. If you require legal or professional advice you should obtain independent expert advice from appropriately qualified private client solicitors such as those within our firm.
