Richard Higgs, Chartered Independent Financial Planner.
Research carried out by retirement specialist Just Group revealed a worryingly high proportion of older retirees have not yet organised a Lasting Power of Attorney (LPA), a key document safeguarding their interests should they fall ill or lose mental capacity.
Six in 10 (59%) retirees – equivalent to around 3.4 million people – over the age of 75 specified that they had not yet arranged an LPA, with over a third (35%) stating that they had not established one as they didn’t feel they were yet at the appropriate stage of life.
The second most common reason given was fear of giving up control, either because they didn’t want to relinquish control of their finances (22%) or because they did not trust anybody else with their money (6%). Perhaps most surprising, nearly one in 10 (8%) said they didn’t know it was important to organise an LPA.
An LPA is a legal document that enables a person – the attorney – to make decisions on behalf of another individual – the donor – if they lose the mental capacity to understand or make choices for themselves. In the event of a person losing capacity without having an LPA in place, loved ones must apply for deputyship through the Court of Protection.
We strongly advise organising LPAs as soon as possible – it’s never too early and you never know what’s around the corner. If you feel you don’t have an appropriate attorney to appoint, there are professionals that can help.
If you would like to have a friendly chat about organising your affairs, please don’t hesitate to call on:
0117 3636 212 or email: office@haroldstephens.co.uk. For financial planning tips for later life, search “Harold Stephens IFA” on YouTube.
50 High Street, Westbury on Trym, Bristol BS9 3DZ.
www.haroldstephens.co.uk
