You are here: Home - Saving & Banking - News -

Sharp drop in power of attorney registrations

0
Written by:
06/04/2021
The number of lasting powers of attorney registered last year dropped by a whopping 30%.

That’s according to a Freedom of Information request from Quilter submitted to the Ministry of Justice, which found that between April 2020 and February 2021 569,138 were registered. That’s down substantially from the 804,589 registered in the year before that.

While numbers have improved in recent months, they have not yet recovered to the levels seen before the pandemic.

Why numbers have fallen

According to Rachel Griffin, tax and financial planning expert at Quilter, Covid-19 has been a big factor in that drop. She noted that aspects of getting lasting power of attorney in place ‒ such as getting a traditional “wet signature” ‒ became more problematic, while it took the Office of the Public Guardian around a month to put together guidance on how to apply for power of attorney in the Covid-19 environment.

The fact that it was then taking longer to process applications meant that in April registrations dropped by 70.5% from April 2019.

She added: “While numbers still haven’t returned to their previous levels, they are getting closer and it is encouraging to see that people are getting the much-appreciated piece of mind that having an LPA entails.”

Why would I want lasting power of attorney?

Power of attorney is a legal document, where you give someone else the authority to make decisions on your behalf, for example about your money and property.

You can take it out on a temporary basis, for example if you’re going to be in hospital for a while, or you can take out lasting power of attorney which is where that person takes over those decisions once you’re no longer mentally able to do so.

Having a lasting power of attorney in place can make life much easier for your loved ones should you fall ill and no longer be able to make these key judgements. It’s not always the case that your loved ones will be granted access to things like your bank account if you fall ill.

Having lasting power of attorney can help you mitigate against the risks to your money that can arise with things like dementia

You can contact the Office of the Public Guardian for the forms to apply for lasting power of attorney,  and these can be filled out by yourself or through a solicitor.  

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Privacy Preference Center

Necessary

Advertising

Analytics

Other

Read previous post:
electric cars
New car sales on the up as dealers prepare to reopen

Demand for new 21 number plates and electric vehicles is driving the recovery in new car sales.

Close