Lasting Power of Attorney applications up two per cent year-on-year

New data published by the Office of the Public Guardian in recent days reveals that the number of people submitting Lasting Power of Attorney (LPA) applications rose by two per cent year-on-year between April and June 2018.

The figures reveal that as many as 197,836 applications were received by the OPG during the period, up significantly on the same period in 2017.

However, analysts of figures from 2015 until present have been keen to point out that the overall trend suggests that interest in LPAs is actually waning slightly as the years go by.

According to Rachel Griffin, of financial services firm Quilter, the reason for this is due to “gaps in understanding” among members of the public regarding what LPAs can be used for and the process they need to follow in order to set one up.

Under existing laws, Britons can set up two very different types of LPA – a Personal Welfare LPA and a Property and Affairs LPA.

While the first enables one or more trusted individuals to make important care and welfare decisions on behalf of someone who has lost mental capacity, the second is more focused around the financial and property affairs, and can be used whether or not the person whose affairs are to be looked after has mental capacity.

Families who are interested in setting up either kind of LPA should always seek specialist legal advice from someone who can walk them through the process step-by-step. It is important to appoint the right person and make an informed decision under the guidance of an expert.

To find out more about how Palmers can help with LPAs, Will and Inheritance Tax planning, click here.