Report Shows the UK is Unprepared for Incapacity

Senior woman at retirement home

Recent research from Solicitors for the Elderly (SFE) and Centre for Future Studies (CFS) has brought to light worrying issues concerning incapacity. The results show a surprising rise in dementia diagnoses and the predicted number of sufferers in the future. And, a poll by SFE indicates only 3% of the people surveyed have a Health…

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New Figures Show Continued Growth in Families Paying Inheritance Tax

Granddad giving a present

HMRC have released their latest statistics on Inheritance Tax (IHT). They showed that a record of £5.2 billion was collected in the last year. This is a £388 million increase in IHT compared to £4.8 billion in the previous year. It is expected to reach £6.4 billion by 2022/2023. And, it may rise further, with one…

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Banks Make Registering Powers of Attorney a Nightmare

In May 2018, a Which? poll of 2,900 people showed that one in five people found registering their Power of Attorney with a bank difficult. This made for a stark contrast with private pension providers and the Department for Work and Pensions, where only one in ten people had similar problems. It was found that…

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Banks are Revealed to have Sold Wills with Hidden Probate Costs

Writing a Will

Up to 1.5 million people may have bought a Will with unexpected probate charges from major banks. They could be charged in the tens of thousands for these banks organising even the simplest estates. This money-making scheme was used by banks in the late nineties and early noughties. The details were tucked away in the…

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Dramatic Rise in Work for the Court of Protection

It has been revealed that applications to the Court of Protection have risen by around 50% in the past 10 years. This news was shared by a Senior Judge of the Court, Her Honour Judge Hilder, at the national Solicitors for the Elderly conference which took place in June. Judge Hilder said that 15,000 applications…

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Millions at Risk in Power of Attorney Pension Crisis

Daughter Comforting Father

A recent report by Zurich warning of a ‘later-life financial crisis’ for retirees has caused quite a stir. According to the pension provider, four in five retirees – a huge 79% – using drawdown to fund their retirement haven’t set up a Lasting Power of Attorney (LPA). 1.7 million people are at risk of being…

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Homeowners Unaware of the Benefits of Equity Release

Couple dancing on beach

According to recent research, nine out of ten homeowners over 55 aren’t fully aware of the benefits of Equity Release. This is a scheme which allows homeowners to release a percentage of their home’s value as tax-free cash. Results from a Sunlife study have shown that many homeowners over 55 have a lack of awareness about…

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Increasing Numbers of People Unable to Pay their Care Home Fees

Woman receiving care

With longer life expectancies and rising care home fees, many people are finding their savings are insufficient. A recent GMB union investigation has shown that at least 166,000 people in the UK are in social care debt. This study revealed that more than 78,000 people have had debt management procedures started against them by their…

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