The number of lasting power of attorney applications received between April and June 2018 stood at 197,836, a 2 per cent increase on the same period in 2017.
Despite the increase in numbers of applications the overall trend revealed by government statistics indicates a slowing down of interest in lasting powers of attorney (PoA), especially when compared with the number of applications lodged with the Office of the Public Guardian in 2015 and 2016.
A lasting power of attorney is a legal document that lets you (the 'donor') appoint one or more people help a person make decisions or make decisions on their behalf.
Rachael Griffin, tax and financial planning expert at Quilter, said while many people are aware of the term power of attorney there are gaps in their understanding including people thinking the process of setting up a PoA is complicated and costly.
She said: "There is a misconception generally that once a PoA is in place the donor loses control of their affairs, even if they have mental capacity.
"Generally current levels of knowledge are low, some people are honest about this and others believe they are knowledgeable but have incorrect understanding."
Ms Griffin believes campaigns and education around power of attorney need to continue.
She said: "Discussing power of attorney is no easy feat as it is essential a conversation about when you or a loved one will no longer be able to manage personal affairs.
“However, with the rise in dementia it is crucial to talk about who can make decisions on your behalf so if it does happen people loved ones are not left to navigate court systems during what will be an already challenging time.”
The figures, published by the Ministry of Justice, also reveal the number of enduring power of attorney in existence has continued to fall and stood at 2,423 in April to June 2018, down 18 per cent on the equivalent quarter of 2017.
Lasting power of attorney replaced enduring power of attorney in 2007, although any signed before 1 October 2007 remain valid.
