SAIF Golden Charter

Only one in 10 in the UK has a power of attorney

For many, the prospect of one day being unable to make your own decisions is very scary. Others worry about bringing up the topic with aging parents, friends or family.

A new study, commissioned by Golden Charter and conducted by YouGov, has found that more than half (57%) of people in the UK are worried about losing their mental capacity in the future, but fewer than one in 10 (8%) have some form of power of attorney in place.

As one of the country’s market leaders in later life planning – including power of attorney services – Golden Charter is urging the public to take action now by establishing a Power of Attorney early to protect their loved ones from unnecessary emotional distress. With a power of attorney, people can appoint someone to make decisions or take action on their behalf, should they become unable to do so. Without a power of attorney, it can be very complicated and emotionally distressing for spouses or other family members to legally make decisions on an individual’s behalf.

Despite only 8% of those surveyed having a power of attorney, more than half (55%) felt that putting one in place at some point was “important”. More than half (53%) had not discussed their end-of-life plans with anyone, with men less likely to speak of their wishes than women (58% as opposed to 49%).

With soaring dementia rates, it is more crucial than ever for people to act while they are still mentally fit. Golden Charter is advocating that people not only put their own power of attorney in place, but also help family members to get their affairs sorted too.

Ronnie Wayte, Chief Executive of Golden Charter, said: “What our survey reveals is that most of the UK population recognises how crucial it is to have a power of attorney in place, but an alarming majority are not taking action to get one sorted. A common misconception is that if you’re healthy, you don’t need one, but the opposite is true.”

Golden Charter offers a full power of attorney service, including registering the documents with the Office of the Public Guardian. There is a fixed fee for its power of attorney service, so families won’t face additional costs for time spent with advisors. Golden Charter has a team on hand who can answer all questions, offering a personal service that’s tailored to each customer.

Ronnie added: “Setting up a power of attorney is much easier and more cost effective than people think. We understand that it can seem like a daunting process, but there is a lot of great advice and support out there. We are here to help.”

Families interested in finding out more can call Golden Charter free on 0800 171 2967 to speak to an advisor or visit goldencharter.co.uk.