According to new research from Direct Line Life Insurance only 14% of British people have a lasting power of attorney in place, and more than two thirds are not aware of a lasting power of attorney and the consequences of not having one when you may need it.
Unfortunately cases arise of people appointing attorneys and placing their trust in the wrong person and losing out on their property and savings.
We see in news outlets stories of people who have misused powers of attorney, most recently of a Will writer conning a 94 year old out of a fortune after taking control of his financial affairs. Unfortunately there are also other cases of attorneys who are family or friends taking advantage under the power.
For some the choice of attorney is easy as they have family or friends that have been or would help them and whom they trust implicitly. However sometimes due to circumstances others they feel it is better or even their only choice to appoint someone who is independent of family and friends to act.
When making the decision on who to appoint it is wise to choose people that you get on with and more importantly trust to act in your best interests.
According to figures from the Office of the Public Guardian (OPG) 1,729 investigations into the actions of attorneys and deputies were carried out in the 2017/2018 financial year – up from 1,199 the previous year.