LPAs - Avoid gambling with your pension 07-Jun-2018
Probate solicitor Jessie Hughes talks about the benefits of Lasting Powers of Attorney (LPA) and the risks to your pension of not have an LPA in place.
Recent reports in the FT Advisor suggest 4 in every 5 retirees with a ‘drawdown’ pension are without a power of attorney – meaning your family members
or friends would be forced to apply to court to take control in the event that you became too unwell to look after your affairs yourself.
This is an alarming statistic given that the option of setting up an LPA for either Property and Financial Affairs or Health and Welfare has been available since 2007. According to the FT Advisor, Harriet Hill of the Alzheimer’s Society said that we “need to get to the stage where an LPA is taken out as standard practice”. By setting up an LPA, you have the power to choose who can act on your behalf and determine what decisions your attorneys can make should be come unable to do so.
Why leave it to chance?
For more information about LPAs, please contact a member of the Wills, Trusts & Estates Department at Cullimore Dutton Solicitors on 01244 356 789 or email email@example.com