Is it time to get your Power of Attorney?

According to figures from a study released by Canada Life, only 17% adults in the UK aged 40 or above have arranged their Power of Attorney (POA) applications!

A Power of attorney (POA) is required so that your loved ones can formally act and make decisions on your behalf if you become unable to.

The most popular reason for not arranging a POA was because “I have mental full capacity”, with 32% citing this reason. In addition, 30% admitted they had simply never thought about doing so. 

Apparently, 1 in 10 believe their partner or spouse would automatically be given power of attorney and 17% for those who are married or in a civil partnership. If someone becomes incapacitated without a power of attorney in place, it is usually up to the Court of Protection to decide who can make decisions.

However, this award called “deputyship” is very expensive, time consuming and renewable every year. If you get to a stage where you are incapacitated then it will be too late to arrange a POA, and the Court of Protection will appoint someone on your behalf. This is why it is essential to start the POA process when you are in good health and can make your own decisions, just in case you ever lose capacity.

Of people already with a POA in place, 39% said they arranged the applications at the same time as making a new Will, and 14% did so because of having a friend or family member with dementia or similar health problem. 

13% did so after a suggestion from their financial adviser and 25% of respondents also said that they have been appointed as a POA themselves. 

From the list, the most popular relations in POA applications are parents (49%) and 27% were spouses.

Living longer can be a great advantage - but it also brings important responsibilities. We are usually better safe than sorry.

Contact us to arrange a Free home visit to discuss how we can help you secure peace of mind with a Power of Attorney.