The power of trust: Majority don’t have a Lasting Power of Attorney
26 July 2017
The majority of UK adults are leaving their financial and health-related affairs to chance according to Co-op Legal Services, as four in five people (84%) don’t have a Lasting Power of Attorney (LPA) in place*.
A Lasting Power Attorney is the legal document that allows a trusted person to manage an individual’s affairs in the event they lose mental capacity. Yet over a quarter of Brits (27%) don’t know what an LPA is and a further 54% were unaware that there are two different types: one covering property and financial affairs and one to cover health and welfare wishes, including where you’d like to live and any personal medical wishes.
Putting a Lasting Power of Attorney in place is often considered to be of as much importance as drawing up a Will, yet research finds that over half (55%) of UK adults have made a Will in comparison to just 16% with an LPA in place. With one person developing dementia every three minutes it’s expected that over 1 million people will have the disease by 2025, emphasising the significant importance of an LPA**.
James Antoniou, Head of Wills at Co-op explains:
“The findings highlight that vast numbers of people are unaware that there is no automatic right for a next of kin to have authority over an individual’s affairs. If an LPA is not in place and a person becomes unable to make decisions, it can lead to a long and expensive process that involves applying to Court. ‘’At Co-op Legal Services, we advise that an LPA is put into place at the same time as a Will. Both are crucial parts of later life planning and can help to alleviate stress and worry for loved ones further down the line.’’
As well as the option to solely take out a Lasting Power of Attorney, Co-op also offers a range of Estate Planning Packages as part of its #AWill2TackleCancer campaign to raise funds for Cancer Research UK. These include a professionally drafted Will and Lasting Power of Attorney for a discounted price, compared to when bought individually. With every #AWill2TackleCancer Estate Planning package sold, Co-op will pay 10% of its fee (excluding VAT) to Cancer Research UK***.
Notes to editors
Research conducted on behalf of Co-op by Atomik among 2,000 UK adults in May 2017. Statistics from Alzheimer’s Society UK. **Co-op will pay 10% of the Estate Planning Package fee (exclusive of VAT) to Cancer Research UK, this ranges from £25 up to £79. Cancer Research UK is a registered charity in England and Wales (No. 1089464), Scotland (No. SC041666) and the Isle of Man (No 1103).
Estate Planning packages include:
- £300 for a standard Will and one Lasting Power of Attorney, saving up to £120 * - £500 for two standard Mirror Wills and two lasting Power of Attorneys, saving up to £184 - £950 for two Mirror Wills (including Trust Wills) and four Lasting Power of Attorneys, saving up to £382 *In comparison to purchasing the package elements individually. Prices exclude any LPA court registration fee if applicable.
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Press and Media Relations Manager
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For further information about Co-op Legal Services, please visit: https://www.co-oplegalservices.co.uk/about-us/
About the Co-op
The Co-op is one of the world’s largest consumer co-operatives and has a clear purpose of championing a better way of doing business for you and your communities. Owned by millions of UK consumers, the Co-op operates a total of 3,750 outlets, with more than 70,000 employees and an annual turnover of over £9 billion.
Home to the UK’s leading funeral provider, Co-op Funeralcare conducts almost 100,000 funerals annually across over 1,000 funeral homes. Combined with its leading legal services business, the Co-op is also a national provider of later life products and services ranging from funeral plans, through to wills and probate.