Why a Power of Attorney can provide the safety net that people need

id

Life is far from straightforward. And for many who are approaching retirement, there can be the added pressure of looking after elderly relatives. For those who need to take care of others, there can be emotional, practical, and financial barriers when it comes to planning for the future.

But no matter who you are – and whether or not you having caring responsibilities – a Power of Attorney can make life simpler.  

Setting one up for yourself means choosing a person you trust to step in and make decisions around your finances and care, if you're no longer able to. And if someone chooses you as their attorney, you have the legal authority to make decisions on their behalf. 

The bottom line is, a Power of Attorney can be a vital safety net, giving everyone involved certainty around who takes responsibility. 

Yet research by the Standard Life Centre for the Future of Retirement revealed worryingly low levels of awareness and understanding around what Power of Attorney is and how it can help.

id

The research also highlighted a range of misconceptions that people have around Power of Attorney – including that many believe their next of kin would have final say over any decisions without one, and that they’re too young to set one up.

Helping people prepare for the unexpected

We want to help more people understand why Power of Attorney matters. That’s why we’ve teamed up with Carers UK, one of our corporate charity partners, to launch Power of Attorney Day (22 April), a national campaign to help raise awareness of this important safeguard. 

Our partnership with Carers UK is a key part of our Caring for Carers initiative, which aims to drive meaningful change and make a lasting impact on the lives of unpaid carers. 

As part of the Power of Attorney Day campaign, we've helped bring together a number of financial services organisations and related partners to help dispel misconceptions and collaborate on a unified message that can reach as many people as possible.  

Our shared aim is to inform, empower, and engage the public, encouraging more people to put the right protections in place for themselves and their loved ones.  

Our dedicated page explores why people should know about why people should know about Power of Attorney. 

You can find out more information about the national campaign on the Power of Attorney Day website.