19 May 2022
If you are covering the Ministry of Justice’s plans to launch a new online LPA system, please see the following comment from Shaun Moore, financial planning expert at Quilter:
“A revamp of the power of attorney system is long overdue and represents a victory for many who have been left financially powerless due to crippling civil service delays that were becoming all too familiar.
“The slowdown in those registering LPAs during the pandemic was a wake-up call for the government to look at how the process could be streamlined, and yet issues still remain. The sluggish service currently being delivered is putting immense pressure on those nominated but not yet registered as attorneys and is costing them precious time and money.
“The current system risks leaving numerous vulnerable people unable to manage their finances in a timely manner, as well as being left exposed to fraud risks that are becoming ever harder to spot.
“LPAs allow people to make important decisions to help support their loved ones, particularly when the costs of care are involved. Many people are forced to sell family homes in order to release the funds needed to continue paying for care, but without an LPA in place they are unable to make the decision to do so. This leaves them vulnerable to running out of funds bringing added stress and worry at a time where this is particularly unwelcome.
“An LPA can only be created while you have mental capacity – once you’ve lost capacity it is too late. While the conversation with family members can be hard and the process time-consuming, it must be put to the top of the to-do list or risk losing this vital avenue of protection.
“For those considering registering an LPA, it is vital to do so sooner rather than later to ensure it is in place should the worst happen.”
