Lasting Powers of Attorney growing increasingly popular in the UK

Lasting Powers of Attorney growing increasingly popular in the UK

New research has revealed that Lasting Powers of Attorney (LPA) are growing increasingly popular across the UK.

LPAs, which enable individuals to take control of the financial affairs of a family member or friend who may have lost the mental capacity to manage such matters themselves, can be vital in situations where a loved one has been diagnosed with a detrimental condition such as Alzheimer’s disease.

New figures from the family courts suggest that as many as 195,000 new LPAs were registered in the first six months of 2017.

Overall, it is estimated that some 2.5 million Britons currently have an LPA.

The rise in popularity of LPAs comes as no surprise, as serious health conditions affecting mental capacity such as dementia also appear to be growing increasingly common across the country.

According to data from leading charity the Alzheimer’s Society, there are approximately 850,000 people currently living with dementia in the UK.

Meanwhile, new cases of dementia are growing rapidly, with the Society estimating that one million Britons will have been diagnosed with the condition by 2025.

It estimates that one new patient is diagnosed with dementia approximately every three minutes here in the UK.

The news highlights the importance of seeking specialist legal advice in relation to LPAs where applicable.