Aging is not often a pleasant thing to think about but, it is a topic it would be foolish to ignore. The average life expectancy in the UK is continuing to increase, which means many more of us might struggle to manage our own affairs and remain independent in the future. Steps should be taken now to make sure the right decisions are made on our behalf in later life.
Whilst you may be of sound mind right now, this might not be the case in the future. It is prudent to have a difficult conversation sooner rather than later about arranging a Lasting Power of Attorney (LPA). An LPA is a trusted person who has the legal right to make important decisions on your behalf if you become unable to do so yourself.
There are two types of LPA in the UK; they cover two separate areas of wellbeing.
Property and Finance – This includes paying bills, selling a property and managing a bank account.
Health and Welfare – This concerns issues such as medical care, making decisions on life-sustaining treatment and taking care of a person’s daily routine, such as washing and dressing.
Worryingly, many of us have not made any preparations for the future. In fact, figures from the Office of the Public Guardian (OPG) show that less than 1% of adults in the UK have a Lasting Power of Attorney. The data also revealed that nearly half of polled over-45s did not actually know anything about LPAs, and when given more information, nearly two-thirds were not interested in setting one up in the future.
However, in a separate study by Solicitors for the Elderly and think tank the Centre for Future Studies, it was found that 70% of the British public want a family member to make crucial healthcare and welfare decisions for them. Only legally setting up a Lasting Power of Attorney can ensure this is the case, with chosen loved ones acting in your best interests if you are unable to make life decisions independently.
Interestingly, an estimated 40% of adults in the UK have a Will, according to the OPG, which means many of us are happy to think about what happens to our finances and assets after our own death. But many people appear to be overlooking what would happen if we were unable to make financial or healthcare decisions whilst still alive.
We will not pretend that raising the subject of Power of Attorney with loved ones is easy, but it can be made far less stressful by doing it in good time. Discussing the subject well before there is any need for it ensures all issues are addressed without urgency, with every family member having time to understand their roles and responsibilities.
