There are now over a million people aged 65 and over and still working and owning business interests in the UK.
Not only is this great news for their own finances, as an average earner working one year longer has the potential to boost their pension pot by £4,500 in addition to earning the extra year’s salary, but there are also gains for the wider economy, including the country’s gross domestic product.
With people living and working longer their affairs are now more complex than they have ever been.
Increasingly therefore we are recommending people should consider a Lasting Power of Attorney (LPA) to cover their property and financial affairs.
If you become mentally incapable then who will deal with your affairs on your behalf? If you have not made provision by way of an LPA then you are leaving your loved ones with a complex and costly application to the Court of Protection.
If you have business interests then you can appoint separate attorneys to cover those, and appoint your family to deal with your personal affairs. The choice is yours, but our advice is that you are better off thinking about it now than leaving it too late.
For more information about LPAs, log on to http://www.wansbroughs.com/site/ourservices/wills_probate_solicitors/lasting_powers_attorney/