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Record number of LPA registrations in 2023

The number of Lasting Power of Attorney (LPA) registrations rose to a record high last year, new figures have revealed.

According to data from the Family Court, there was a 37 per cent rise in the number of LPA registrations in 2023, taking the overall figure past one million for the first time.

An LPA means you can give a person you trust the legal right to make decisions on your behalf, concerning your property, finances and health.

So it’s hugely welcome that more people are thinking of and preparing for a possible future where they lack the capacity to make decisions for themselves.

But what’s driving this increase in the number of registrations. Well, there are three main factors…

The Covid-19 pandemic

Covid restrictions forced many of us to sit back and evaluate our lives, possibly for the first time ever, and seek to get our affairs in order.

As a result, there was a surge in demand for LPAs, so people could prepare for a situation if they couldn’t make decisions for themselves.

Similarly, Covid triggered an increase in demand for wills, as more people were prompted to make sure their wishes would be fulfilled if they passed away.

Earlier diagnosis of dementia

According to the Alzheimer’s Society, 900,000 people in the UK are currently living with dementia, and this is expected to rise to 1.6 million by 2040.

Figures also show that 70,800 British people who are living with dementia developed symptoms before the age of 65.

With dementia becoming so much more common and having a devastating impact, a growing number of people are taking steps to ensure their interests are represented if they lose capacity in the future.

Speaking to Moneyweek, Katie de Swarte, Wills and Probate Partner at Osbornes Law, said: “Earlier diagnosis of dementia will be a contributory factor {to the increase in registrations], with doctors now routinely advising their patients to make LPAs.”

Streamlined online application process

Many parts of the LPA application process can now be carried out online, which means a person no longer has to go through a solicitor in order to set up this document.

Thinking about a time where we can’t make decisions for ourselves or live independently can be extremely difficult.

But since none of us can really know what’s coming down the line, it’s really important to be prepared for the worst.

Setting up an LPA is one of the best ways to do that, as it effectively serves as an insurance policy, giving you the certainty and confidence that difficult decisions have already been taken, and that your future is in safe hands.

Sources
https://moneyweek.com/personal-finance/do-you-need-power-of-attorney
https://todayswillsandprobate.co.uk/increase-in-lpa-registrations-in-2023-statistics-reveal/
https://www.alzheimers.org.uk/about-us/news-and-media/facts-media

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