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Key facts and statistics
Lasting power of attorney is increasingly recognised as crucial in managing the affairs of those who may not be able to do so themselves in the future. According to recent data, there has been a significant rise in registered LPAs, with over 800,000 applications made last year alone. The ageing population in the UK underscores the importance of these legal tools, with 1 in 5 people over the age of 85 suffering from severe cognitive impairment, making early preparation paramount.
Key definitions
- Lasting Power of Attorney (LPA) - A legal document that allows an individual (the 'donor') to appoint one or more persons (known as 'attorneys') to make decisions on their behalf should they lose the capacity to do so.
- Donor - The person who creates an LPA allowing others to make decisions on their behalf.
- Attorney - An individual appointed to manage the affairs of the donor.
Relevant legislation and regulations
The principal legislation governing LPAs is the Mental Capacity Act 2005, which ensures that individuals lacking capacity can have legally recognised arrangements for managing their finances and health. Complying with the Act's principles is crucial, as it provides the least restrictive method of intervention in the individual’s life.
Registration process
The process to register an LPA is outlined by the Office of the Public Guardian (OPG). After completion, the LPA must be registered with the OPG before it can be used. The current registration fee is £82 per LPA, with exemptions available for certain income groups.
Best practices
- Early preparation - Do not wait for a health crisis before establishing an LPA.
- Choose wisely - Carefully consider who is best suited to manage your affairs. They should be trustworthy, financially astute, and understand your wishes well.
- Professional advice - Consult with legal professionals to ensure that the LPA is correctly set up and reflects your needs.
Making an LPA:
- Choose the type of LPA - Decide whether you need an LPA for health and welfare, property and financial affairs, or both.
- Select your attorney(s) - Decide on who you trust to make these decisions on your behalf.
- Complete the forms - Fill out the necessary LPA forms, which can be found on the government's website.
- Sign the forms - Have the LPA signed by a certificate provider, yourself, and your chosen attorneys.
- Register the LPA - Send the completed forms to the OPG with the registration fee.
Ending an LPA
An LPA can be cancelled before the donor loses mental capacity. If the LPA is registered, a formal deed of revocation must be completed and sent to the OPG.
Recommendations
Consider setting up an LPA as part of your broader estate planning. It's not just for the elderly; unexpected life changes can happen at any age, making it prudent to prepare early. Regularly review your LPA as circumstances change to ensure that it remains relevant and effective.
Conclusion
Establishing a lasting power of attorney is a profound step towards safeguarding your future health and financial welfare. It provides peace of mind, knowing that your affairs will be handled according to your wishes by those you trust. Don’t wait until it's too late; take action today to protect yourself and your loved ones.
Click here to learn more about setting up a lasting power of attorney and to ensure that all legal requirements are meticulously met; consult with our experts at The Mandatory Training Group. Visit our website at www.mandatorytraining.co.uk or contact us directly to discuss how we can assist you in securing your future efficiently and reliably.
About the author
Dr Richard Dune
With over 20 years of experience, Richard blends a rich background in NHS, the private sector, academia, and research settings. His forte lies in clinical R&D, advancing healthcare tech, workforce development and governance. His leadership ensures regulatory compliance and innovation align seamlessly.
