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  • Writer's pictureThe Will Partners

Don’t get Locked Out of Your Spouse’s Finances… Do get a Power of Attorney

Power of Attorney

New research shows that millions of married couples do not have a Power of Attorney in place.

Recent data shows that although 95% of UK adults are aware of Power of Attorney, 1 in 3 (33%) do not know how it is used in practice, leaving a large proportion at risk. This lack of awareness could be why it has a lower uptake compared to other forms of financial protection. While three quarters (74%) of Brits say they think having a Power of Attorney is important, only half of that number (37%) have one in place. In contrast, three quarters (76%) of people in a relationship have discussed making Wills and/or Trusts with their spouse.

A Power of Attorney is a legal document that allows a nominated person(s) to make decisions for you, or act on your behalf, if you are no longer able to. It is essential for being able to manage financial assets like mortgages, investments and pay or query bills. A separate application also provides a nominated person(s) with authority to make decisions for your health.

Less than half (41%) of married couples have power of attorney in place, while one in four (24%) have no plans to do so. This suggests that many married couples see taking this measure as unnecessary and could have a mistaken belief that power of attorney is automatic for married couples….

If you lose capacity without a Lasting Power of Attorney in place, you will need to apply to the Court of Protection to have a Deputy appointed to deal with your affairs. This is a slow and expensive process, costing thousands of pounds. Bank accounts and investments could be frozen, preventing direct debits and bills being paid.

Research shows that more than a third (37%) of people are overlooking a crucial step and have not set up a Power of Attorney, yet doing this alongside a Will and/or Trust will make sure that your wishes will be met if you do lose capacity in your lifetime, giving you peace of mind.

We know that half (49%) of people struggle to talk about long-term finances, but a conversation may not be as difficult as you might think...

If you would like to find out more about setting up a Power of Attorney, Will and/or Trust, please contact us today to book a free no obligation consultation in the comfort of your own home.


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