Just 1 in 5 people have a Lasting Power of Attorney in place. Here’s why you need to think about it

When you think of planning ahead for the future, it’s likely that you have considered writing a will and telling your family members what you would like to happen to your wealth when you pass away.

These are both valuable steps to take. However, they are not the only aspects you may want to consider.

Indeed, one often overlooked part of planning for the future is putting a Lasting Power of Attorney (LPA) in place. This important document can provide huge reassurance, allowing you to nominate someone to make decisions on your behalf if you become unable to do so.

However, few people in the UK have registered an LPA. Research conducted by Canada Life in 2022 revealed that 78% of UK adults did not have an LPA, meaning just 1 in 5 did.

That means 4 in 5 adults might not have any autonomy over their decisions if they were to lose capacity.

Even over-55s, who are more likely to lose capacity as they get older, generally do not have an LPA in place, with 77% having not registered either type.

An LPA could be essential not just when you’re older, but at any stage of your life. If you lose capacity – either temporarily or permanently – for any reason, such as an accident or illness, an LPA ensures that someone you trust is legally able to look out for your best interests.

Find out what an LPA is, how they work, and why they’re so important for securing your wellbeing, as well as offering your family immense peace of mind.

Appointing someone you trust to make decisions for you

An LPA is a legal document that allows you, the “donor”, to appoint one or more “attorney(s)” to make decisions for you if you lose capacity.

In England and Wales, there are two types of LPA:

• Health and welfare, giving your attorney the right to make decisions around aspects of your daily routine, such as washing, dressing, or eating, as well as medical care, moving into a care home, and life-sustaining treatment.
• Property and financial affairs, allowing your attorney to make decisions with your wealth, such as managing bank accounts, paying bills, collecting your pension, or selling your home.

A health and welfare LPA only comes into effect if you lose capacity. Meanwhile, a property and financial affairs LPA can, with your permission, come into effect immediately.

At the time of writing, it costs £82 to put each type of LPA in place, so £164 to have both. This is rising to £92 each (£184 together) from 17 November 2025.

You must put your LPA in place before you lose capacity, and your family cannot put one in place retrospectively.

Instead, if you lose capacity without one, your loved ones would have to apply for a deputyship from the Court of Protection.

It usually takes between four and six months – or longer in complex cases – to become a deputy. The application fee for doing so is £421, with a supervision fee payable each year after appointment. This is considerably more expensive than setting up both types of LPA.

Peace of mind for you and your loved ones

Perhaps the biggest benefit of having an LPA and selecting an attorney is the peace of mind you’ll gain from knowing that you’ve taken steps to protect both yourself and your loved ones.

Protecting your personal wellbeing

For you, the thought of losing capacity may well be understandably concerning. The idea that you won’t be able to look after yourself is disconcerting, as we all hugely value our independence.

However, the last thing you will likely want to happen is for decisions regarding your health or your finances to be made by people or groups you have not chosen.

This is where having an LPA in place can be so reassuring. You can have confidence that someone you’ve personally selected will make decisions you would have made for yourself.

That way, no matter what happens, you’ll have had a say in your future.

Protecting your loved ones

You might assume that your loved ones will be able to make important decisions for your health and finances if you become unable to do so. However, this is not true, even for spouses or civil partners.

This could be difficult for your nearest and dearest if you were to lose capacity suddenly. For example, they would not be able to access your pension or bank accounts, leaving them in a precarious position if they’re financially dependent on you.

Alternatively, the courts may make decisions about your healthcare that your family know you would not agree with.

Losing capacity will be stressful enough without your loved ones having to factor in these considerations.

By contrast, putting an Lasting Power of Attorney in place can alleviate some of this stress, ensuring that someone you know and trust will be able to support your family.

Speak to a professional today

If you’d like to find out more about securing your financial future for both you and your family, please get in touch with us at Caliber Financial Management today.

Email contact@caliberfm.co.uk or call 01525 375286 to speak to us.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

The Financial Conduct Authority does not regulate estate planning, Lasting Power of Attorney, or will writing.