by Insignis Cash Solutions in News
There has been a steady increase in the number of Lasting Power of Attorney (LPA) submissions over the last few years. In 2018 just over 750,000 LPA registrations were submitted, more than double that compared to 2014, which means that there is more awareness in the market of the importance of having a power of attorney in place. An ageing population is another reason why the numbers may have increased. There is, however, still a long way to go before a reasonable percentage of the population has one.
Many people don’t realise that there are two different types of Lasting Power of Attorney; for health and welfare and another one for property and financial affairs.
Health and Welfare LPA
This is used for when you can no longer make decisions about your own health and wellbeing. It gives guidance and obligations to your appointed attorney to decide your welfare and health decisions for you, from your daily routine to life sustaining treatment.
Property and Financial LPA
This can be used as soon as it has been registered, so long as the appointed attorney has been given permission. This is where as an appointed attorney you are able to manage bank accounts, pay bills or sell property on behalf of a person
according to their LPA stipulations.
The two often go hand in hand, as financial responsibility for the care of a person falls into both types of LPA for example.
Unfortunately, even with a LPA in place, it is notoriously difficult to open a bank account on behalf of a person, despite having all the paperwork registered and in order. Some banks we have come across have taken nearly six months with the appointed Attorney having to visit the branch at least three times before the account was up and running.
We believe that opening a bank account in order to ensure the care and protection of cash assets is a paramount part of the LPA process. And it should be a straightforward process. Much like any of the other types of bank accounts you can open via the Insignis service, a power of attorney account is no different and you are able to open this without any more legwork that you would do for a ‘normal’ account.
Much like changing your bank accounts to get a better rate of interest, it’s always on the list of things to do, but we never quite seem to get around to it. Don’t delay, register your power of attorney and contact us to open your account now. Take a look and see how we can help further.