At last eight of the major Banks have signed up to new guidelines to help the public with the use of Lasting Powers of Attorney. They have pledged to improve the way they treat families who help vulnerable relatives with their finances.
Applications for Lasting Powers of Attorney have now hit a record of 591,000 per annum as more families realise the need for one to be in place before it may be needed. In the UK someone is diagnosed with dementia every three minutes and over 100,000 suffer strokes each year. It is so necessary that in all of these cases someone has been appointed to look after their finances and other assets. The Chair of Solicitors for the Elderly believes that all adults should consider setting one up at an early age . They do not have to be registered straight away but the important part of the exercise is to prepare one ready for eventual registration. If needed it can then be registered by the named Attorney prior to use.
Bank staff will now be trained in the use and operation of Lasting Powers of Attorney and support customers to minimise stress at such difficult times.
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