• March 28, 2024
 79% Of People Over 45 Have Not Made A Valid LPA

79% Of People Over 45 Have Not Made A Valid LPA

Although people are encouraged to use forward planning tools, like a lasting power of attorney (LPA), in the prime of their life to ensure all their assets and financial matters are managed in line with their express wishes, a recent report by Co-op Legal Services has found that 79% of respondents over the age of 45 years have not made an LPA.

The results for the 64 to 74 age group are similar, with the majority of the older respondents (67%) living their lives without this added protection. Furthermore, 35% of respondents are adamant that they have no intention of creating an LPA that could protect their finances should they unexpectedly lose capacity.

Many of those surveyed (56%) were reluctant to create an LPA because they lacked trust in the people who would act as their attorneys.

Almost a fifth of those surveyed believed that their younger relatives could not adequately control their own financial affairs and would be unsuitable to protect the finances of somebody else. Over a tenth of respondents also worried that the attorney would borrow money and fail to return it.

Whilst 37% said that they intended to create an LPA to ensure their financial obligations and wishes are protected in the event of losing capacity, the research suggested that there was a lack of understanding in regards to the importance of later life planning.

As changes are constantly being made to the Mental Capacity Act and the importance of creating an LPA are lost on the majority of the public, ensuring a clear and confident understanding on these fundamental issues is crucial.

To help provide members of the Institute of Professional Willwriters (IPW) with the education they need to compete in this ever changing sector, The Willwriting Academy Ltd is running a CPD accredited course, Mental Capacity & Lasting Powers of Attorney on the 21st May at the Ibis Styles Hotel in Birmingham.

This one-day course will look at the various facets of a successful LPA including the requirements, the various types of LPA and completion of the forms.

Additionally, instruction on testing for capacity compliance and the Mental Capacity Act Code of Practice will ensure that a delegate’s understanding of these increasingly important elements for working in the Wills and Estate Planning sector is up to date and secure.

If you haven’t already secured your ticket to the Willwriting Academy Annual Conference, do not overlook the value of networking and collaborating with like-minded colleagues trying to overcome similar constraints to those outlined in the report.

On Wednesday 20th and Thursday, 21st March, at Drayton Manor Conference Centre, near Tamworth, Institute of Professional Willwriters (IPW) and Institute of Scottish Professional Willwriters (ISPW) members will have the opportunity to discuss these issues and consider potential pathways to resolve them. Make sure you are amongst the leaders who will be in attendance.

 

Institute of Professional Willwriters (IPW)

https://www.ipw.org.uk/

IPW Information About the IPW

The Institute of Professional Willwriters (IPW), is a not-for-profit membership body for Will Writers in Great Britain.  IPW are the only Will Writing membership body to be regulated by the Chartered Trading Standards Institute. We have over 900 members, working within 265 of the most professional will writing and estate planning companies in the country. The Institute of Professional Willwriters is owned and also run by its members. Unlike other membership bodies, our six Council members work on a voluntary basis, and are elected by the membership.

The aims and objectives of the Institute include:- 

  • To promote the importance of making a Will to the general public.
  • To promote the Institute and the services of its Members.
  • To ensure that the services provided by its Members are delivered professionally, ethically and competently.
  • To make representation to Government on legislative matters which affect Members of the Institute and their clients.

New Members

IPW are actively recruiting new members, and have a variety of membership packages available. IPW support our members through training, knowledge and support nationally, and regionally.  We pride ourselves on being Professional. Ethical. Competent. 

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Address

Institute of Professional Willwriters Trinity Point, New Road, Halesowen, West Midlands B63 3HY