Public Bewildered By Lasting Power Of Attorney
Recent figures that have been released by the Office for National Statistics (ONS) reveal that record numbers are now applying for lasting powers of attorney (LPAs)
The ONS figures for the year to April 2018 found that 759,976 applications for LPAs were made. This figure is in stark contrast to the 52,492 applications that were made a decade earlier, highlighting the increasing importance that is being placed on these crucial services.
However, despite these figures, research by Direct Line Life Insurance, indicates that there is still a significant section of society naive to later life planning considerations.
80% of research respondents assumed that, if they were to lose mental capacity, their family or trusted friends would automatically be able to take control over their financial affairs and make medical decisions on their behalf.
Over a third of respondents had not even heard of an LPA and were unaware of the potential importance of planning for their later life, whilst little over a tenth of respondents (14%) of the research had made an LPA.
Although there is an increasing desire to prepare for later life, it is also clear that this number could exponentially increase as and when those oblivious to their options become more aware.
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