A high proportion of over 75s have not organised a Power of Attorney, research conducted by retirement specialists Just Group has found.
Over a third (35%) of the 3.4m older retirees said they had not organised the document because they didn’t feel they were at the appropriate stage of life.
The second most common reason was fear of giving up control, with nearly one-in-four (22%) not wanting to cease control of their finance while under one-in-ten (6%) did not trust anyone else with their money.
To read more on this topic, visit: 130,000 Lasting Power of Attorney applications rejected in past five years
Other reasons included an unawareness of the importance of arranging an attorney (8%) and a refusal to arrange one (15%).
Powers of Attorney must be arranged when the donor still has the mental ability to make financial and medical decisions.
If a donor loses capacity without having a Power of Attorney, family members must apply for deputyship via the Court of Protection.
This has a more limited remit, carrying an annual renewal fee of £2,500 and therefore, causing financial difficulties for those involved.
Communications director at Just Group Stephen Lowe, said: “It is worrying that millions of people are entering later life without a Power of Attorney in place. None of us like to think about our vulnerabilities or impending mental and physical decline but handling the affairs of a relative without a Power of Attorney in place can be distressing and costly.”