Recent figures that have been released by the Office for National Statistics (ONS) reveal that record numbers are now applying for lasting powers of attorney (LPAs)
The ONS figures for the year to April 2018 found that 759,976 applications for LPAs were made. This figure is in stark contrast to the 52,492 applications that were made a decade earlier, highlighting the increasing importance that is being placed on these crucial services.
However, despite these figures, research by Direct Line Life Insurance, indicates that there is still a significant section of society naive to later life planning considerations.
80% of research respondents assumed that, if they were to lose mental capacity, their family or trusted friends would automatically be able to take control over their financial affairs and make medical decisions on their behalf.
Over a third of respondents had not even heard of an LPA and were unaware of the potential importance of planning for their later life, whilst little over a tenth of respondents (14%) of the research had made an LPA.
Although there is an increasing desire to prepare for later life, it is also clear that this number could exponentially increase as and when those oblivious to their options become more aware.
As the consumer becomes increasingly sensitive to price, ensuring that you are able to highlight your value for money is going to be vital.
Becoming a member of the Institute of Professional Willwriters (IPW) or Institute of Scottish Professional Willwriters (ISPW) will emphasise the incredible service your business is able to offer the consumer.
Of the 71 feedback forms the Institute received in January, 93% rated the service they received from members as excellent with the remaining 7% of respondents stating the service they received as very good.
The robust standards that are consistently maintained by Institute members ensures that the service they provide is second to none. The members’ area and forum offered exclusively to members on the Institute’s website is also a unique place to discuss issues, case law and ways of improving the services your business offers.
Additionally, the Institute’s very own Will Writing Academy Ltd provides high quality Continuing Professional Development opportunities to guarantee its members are equipped with up to date, pertinent information that will instil confidence in the expert service they are providing.
The Vulnerable Persons course on March 26th at the Ibis Styles Hotel in Birmingham, will enable delegates to help people with a similar outlook to those expressed in the Direct Line Life Insurance research. People who have lost capacity and failed to make an LPA could benefit from the confident understanding of the complexities associated with arranging a deputyship application on their behalf.
Remember to take advantage of the unique opportunities the IPW Annual General Meeting and Willwriting Academy National Conference will bring by discussing these pertinent and changing issues with knowledgeable, like-minded professionals in Wills and Estate Planning.
Don’t get left behind by the competition! Join the IPW and take advantage of a collaborative, caring and informative organisation offering insightful CPD opportunities.
Click here, to enquire about membership opportunities.
