Lasting Power of Attorney

Many clients think they need a will, some put them in place, but many are out of date.
For LPAs, although hopefully it has improved, research from Canada Life back in 2022 indicated that only 15% of the population have an LPA and less than 23% of over 50s have one.
I have seen clients who have not been able to pay bills, access bank accounts for their partner or deal with key household affairs ,as they did not have the legal authority to act on behalf of their partner, family member or friend.
I was with a friend on Friday whose Mum was not able to access accounts in her husband's name or liaise with a utility provider, which was causing major financial concerns and emotional stress.
A client had an issue where healthcare professionals were making decisions about their partners care that were differed from theirs and their partners, pre-losing mental capacity, as they did not have an LPA in place and therefore lacked the legal authority.

In my experience, LPAs are massively underused. I would say a large proportion of families only discover the problem when something has already gone wrong: a parent has lost capacity, bills need paying, care decisions need making, or a property needs dealing with. By then, it is often too late and the family may need to go through the Court of Protection, which can be slower, more expensive and far more stressful.
I do not think it is just people sticking their heads in the sand. Many genuinely do not understand what an LPA does. They assume being married, being a child, or being next of kin automatically gives legal authority. It does not.
The current registration fee is £92 per LPA in England and Wales, so £184 if someone registers both property and financial affairs, and health and welfare. People can do it themselves, but mistakes can cause delays or rejection, so legal advice is sensible where there are family tensions, business assets, property, vulnerability or complexity.

LPAs remain one of the most underappreciated aspects of family wealth protection. Most organised families either delay them or never act at all - rarely because of complexity, but because of human nature. People associate LPAs with ageing or incapacity, so the conversation is postponed until crisis forces it.

What makes this so frustrating is that LPAs matter most precisely when life takes an unexpected turn: a stroke, accident or dementia diagnosis. Without one, bank accounts can freeze, investments become inaccessible and decisions stall while families navigate the Court of Protection.

But having an LPA is only half the issue. Who you appoint matters enormously. I have seen a well meaning family member suddenly take control of an investment portfolio with little understanding of markets or risk - creating tension and unrealistic expectations.

The cost is modest relative to the protection involved. The real risk is not putting one in place before it is needed.

Everyone knows they need Lasting Powers of Attorney, but nowhere near enough people have them in place. They are not just for the elderly, take Martin Lewis for instance, he has had them in place since his 30's allegedly.
Accidents and illness can occur at any age and leave you without capacity to act for yourself. Applying to the Court of Protection can be slow and expensive leaving rent, mortgages and bills unpaid. Being someone's next of kin does not grant rights to make decisions or act on your behalf.
LPA's can be done yourself, but it's best to seek advice to ensure your attorney's are assigned correctly, consideration of reserve attorney's and how you want the attorney's to act. Ensuring the donor and attorney's signatures are witnessed and dated in the correct order is onerous and with registration fees at £92 now, let a professional take the risk. Ensure you shop around for clear and transparent pricing as the cost for preparing LPA's varies widely

LPAs are still hugely underused, and in my experience a significant number of families run into problems because they don’t have one in place.
Many assume a spouse or children can step in automatically, but without an LPA, the only option is the Court of Protection — which is slow, costly and can take months, leaving finances frozen and decisions delayed.

An LPA can be done yourself from £82 per document, or with professional help for a few hundred pounds, but the real risk is choosing the wrong person. Your attorney could control your finances and care decisions, so they must be trustworthy and capable.

It’s one of the simplest but most overlooked parts of financial planning — and the consequences of not having one can be severe