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Savers fear financial effects of dementia

Without a lasting power of attorney, financial options can be limited in the event of the onset of dementia

The number of people affected by dementia is set to double over the next 25 years. Retirement savers are increasingly concerned about the risk of not being able to control their finances because of the onset of dementia but are failing to act.

Research from Key Retirement, in which 1,091 over 55s were surveyed, found 43% were extremely concerned and 47% worry about their partner being unable to access their money.

A lasting power of attorney – a legal document that gives a person of choice the power to deal with another individual’s affairs – can alleviate the latter worry. It can also avoid a costly and time-consuming court process.

Without one, anyone taking advantage of the pension freedoms or who has a drawdown equity release scheme, risks having their money frozen until the Court of Protection appoints attorneys.

There is widespread confusion about the access people have to their partners’ financial and legal affairs without a lasting power of attorney, as shown below.

Dean Mirfin is chief product officer at Key Retirement.

The number of people affected by dementia is set to double over the next 25 years. Retirement savers are increasingly concerned about the risk of not being able to control their finances because of the onset of dementia but are failing to act.

Research from Key Retirement, in which 1,091 over 55s were surveyed, found 43% were extremely concerned and 47% worry about their partner being unable to access their money.

A lasting power of attorney – a legal document that gives a person of choice the power to deal with another individual’s affairs – can alleviate the latter worry. It can also avoid a costly and time-consuming court process.

Without one, anyone taking advantage of the pension freedoms or who has a drawdown equity release scheme, risks having their money frozen until the Court of Protection appoints attorneys.

There is widespread confusion about the access people have to their partners’ financial and legal affairs without a lasting power of attorney, as shown below.

Dean Mirfin is chief product officer at Key Retirement.

Survey of 1,091 over 55s interviewed on 21 August 2017 by independent researchers Consumer Intelligence.

Survey of 1,091 over 55s interviewed on 21 August 2017 by independent researchers Consumer Intelligence.

Survey of 1,091 over 55s interviewed on 21 August 2017 by independent researchers Consumer Intelligence.

Survey of 1,091 over 55s interviewed on 21 August 2017 by independent researchers Consumer Intelligence.

Survey of 1,091 over 55s interviewed on 21 August 2017 by independent researchers Consumer Intelligence.

Survey of 1,091 over 55s interviewed on 21 August 2017 by independent researchers Consumer Intelligence.

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