Lasting Powers Of Attorney - Why The Increase?
We are seeing a notable increase in the preparation of Lasting Powers of Attorney, particularly amongst the younger generation. As reported by Farewill in their 2022 “Year in wills” survey, the percentage of wills written by Gen Z (born 1997 – 2012) doubled in 2022, and the number of Milennials (born 1981 – 1996) writing wills increased by 6% from 2021. The reflects the change in attitude that is taking place by the population in making sure that their affairs are in order.
This change in attitude could be caused by a number of things, with the most obvious being the COVID-19 pandemic (the Law Gazette reported in April 2020 in the midst of the pandemic that will enquiries had increased by 75%). Other contributing factors could be an awareness of the increase in will disputes (and therefore taking active steps to prevent this), the changing nature of assets and liabilities, or the change in demographics and attitude generally.
As with any aspect of succession planning, it is important to always keep a Lasting Power of Attorney under review to ensure that the person(s) appointed are best suited for the role, and to prevent any potential future disputes or disagreements. We are happy to help if you need advice or assistance. Click here for more information on how we can help.