12% of over 75s and 22% of 65-74-year-olds don’t have a Will according to research done by Just Group.
Power of Attorney arrangements are even less common than Wills. 7 in 10 over 75s don’t have Power of Attorney arrangements, this is more than 4 million people. More than 5 million 65-74-year-olds haven’t put a Power of Attorney in place.
Stephen Lowe, group communications director at Just Group, said ‘At its simplest, a will ensures that your estate is shared out as you would wish, not according to the rules of intestacy, and there can be financial benefits to planning in advance how and when to pass on inheritances.
“Powers of Attorney are understandably more difficult for people to consider. None of us likes to think about being so vulnerable and it’s tempting to think “it won’t happen to me” or “I’ll deal with it later”. Sadly, the data tell a different story: more than 7% of people over the age of 65 have dementia and the risk of developing dementia rises to one in six over the age of 80.’