As a subject I’ve ‘blogged’ on before, Powers of Attorney are not the most immediate subject matter I would think to write on again, but I came across some interesting facts earlier this week and, felt moved to write further!
A ‘major’ online general insurance provider* conducted some research which revealed that only 14% of us Brits had established a Lasting Power of Attorney (LPA).
It also revealed that more than 2/3rds (68%) of us are also not aware of what LPAs are and as such, are unwittingly leaving the State (via the Court of Protection) to determine whom can make decisions on our behalf were we to lose mental capacity.
Without an LPA in place, spouses or partners may be unable to access assets or manage financial affairs and, then have to apply to the Court of Protection to access funds.
The research also revealed that 80% (41.6 million) of us also mistakenly believe that without an LPA in place, that we (or our loved ones) would automatically be allowed and able to make decisions about our (or their) medical treatment if we (or they) were incapacitated.
I am not actually surprised by the findings but seeing the reality of the situation in hard facts does bring it home. As a further though – if you’re a part owner of a business – what would you do should mental incapacity hit one of your co–directors / partners? I do not have the percentage figures, but I would be happy to place a small bet that an even lower percentage of business owners have set-up a Corporate PoA to ensure the continuity of their business should one of their co-directors / partners be unfortunate enough to become mentally incapacitated!
This information is provided strictly for general consideration only. No action must be taken or refrained from based on its contents alone. Accordingly, no responsibility can be assumed for any loss occasioned about the content hereof and any such action or inaction. Professional advice is necessary for every case.
Neil Dainton Dip PFS