Solicitors for the Elderly (SFE) is warning that approximately 12 million people in the UK who are at high risk of incapacity in the future, have not planned ahead to ensure that their wishes are followed.
The SFE highlights the fact that there are currently only 928,000 lasting powers of attorney registered, despite the growing number of over 65s who are at risk of developing dementia.
As the Law Gazette highlights:
“The report, published in conjunction with the Centre for Future Studies (CFS), notes that research shows that 12.8 million people over the age of 65 run the risk of developing dementia, yet there are only 928,000 LPAs currently registered. By 2025 around 13.2 million people will be at risk but only 2.2 million LPAs are expected to be in place.”
These figures are concerning as it highlights the growing risk of an increased number of people over the age of 65 not having control over their affairs should they become incapacitated, either through dementia or another health concern.
More than one-third of people admit to not having made any provisions for later life such as writing a will or creating an LPA.
The importance of making a will and preparing an LPA cannot be overstressed. Without a Lasting Power of Attorney in place, costly and time-consuming applications need to be made to the court and the person appointed may not have been the person you would have chosen.
RRL Wills’ Nick Latimir is a member of SFE and STEP, and can guide you through the process of creating a Lasting Power of Attorney.
This publication has been prepared by RRL Wills Limited. It is to be treated as a general guide only and is not intended to be a comprehensive statement of the law or represent specific advice. No liability is accepted for the opinions it contains, or for any errors or omissions. All rights reserved.