Majority Don’t Have a Lasting Power of Attorney in Place

Despite offering peace of mind for the future, the vast majority of people don’t have a Lasting Power of Attorney (LPA) in place.

That is according to a recent survey by Which? that found just 15% of respondents had legally identified someone to take over their affairs in the event of losing mental capacity.

The answers from 2,000 people highlighted a lack of awareness of the process, with 16% mistakenly thinking an individual loses access to their accounts once the document is completed.

Seven in 10 said they were healthy currently so didn’t need a Power of Attorney, but legal process stipulates you can only grant this power when you have the mental capacity to do so.

In a separate survey by the consumer organisation, they found banks were difficult to deal with when setting up Power of Attorney, with 60% of 8,000 respondents saying a lack of knowledge among banking staff was an issue, with the complex process and delays among the top reasons for difficulty in registering a Power of Attorney.

Jenny Ross, Which? Money Editor, said: “People who take on the responsibility of helping a family member or friend to deal with their financial affairs should not have to jump through hoops when dealing with banks, but our research reveals many are still facing an uphill struggle.

“The creaking power of attorney system needs urgent improvement, particularly to address the public’s lack of awareness of how the process works…this problem has been going on for years.”

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