Taking control of your finances is an empowering action, and it’s no surprise that many of us fear what would happen if we were to lose that ability. In our recent research study, 43% of the people that we surveyed were concerned about the impact that dementia could have on their ability to make important financial decisions. Over a third - 36% - were also concerned about how their partner's ability to make important financial decisions may decline.*
This concern may be a familiar one to you: if so, it is worth taking some time to plan ahead. Despite the common concern about dementia, our research also found that only 12% of the people we surveyed had set up a Lasting Power of Attorney (LPA) to ensure that somebody they trust can make decisions on their behalf.
There are two separate LPAs available. A Property and Financial Affairs LPA covers money and property matters, while a Health and Welfare LPA covers healthcare decisions. Our estate planning team will be more than happy to talk you through what each option involves in more detail, and help you in setting them up.
Setting up your Lasting Power of Attorney
If you are in this position, then it’s time to act: it’s important to set up your Lasting Power of Attorney while you still have full mental capacity. With Key’s estate planning team on hand to help, the process can be relatively simple. You’ll need to choose somebody that you trust; in many cases this will be a spouse or adult child, although they do not have to be related to you.
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Speak to an expert from our estate planning team to learn more about setting up an LPA
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Setting up your LPA is important for peace of mind, but it is also more cost effective than waiting until a problem emerges. Without an LPA in place, the only option may be for your family to apply to the Court of Protection for a Deputyship Order. This is an expensive process which can take many months.
What you may not realise is that simply being married to somebody is not enough to give you access to their financial or legal affairs – from deciding on healthcare to accessing bank accounts, marriage is no guarantee of the right to act on your partner’s behalf.
*Research was conducted amongst 1,091 adults aged 45-plus using an online methodology by independent researchers Consumer Intelligence on 21st August 2017.