Power of attorney offers ‘peace of mind’

As the population ages, an increasing number of older people are finding themselves in financial limbo as their mental state deteriorates and they are no longer capable of making financial decisions.

There are more than 500,000 people aged over 65. It is believed about 7% of these are suffering from some form of dementia with the percentage due to rise.

Paul Gilmer, a solicitor with ITC Consulting, said very few people understand the importance in signing over the enduring power of attorney. “Most people are aware of the importance of having a will in place, but tend not to consider what happens in the event of a mentally debilitating illness or disability.