Retirees should draw up a Lasting Power of Attorney

Those who are heading into retirement should consider drawing up a Lasting Power of Attorney in case the worst happens, a newspaper has claimed.

The Telegraph has highlighted the fact that this will ensure that the right person is looking after them and their property if they develop a physical or mental illness that prevents them from doing so themselves.

It warned that failing to put this in place could see one's next of kin needing to undergo a long and complicated process that could take months and cost thousands.

The newspaper also highlighted the possibility of making long-term care arrangements when making a will, as this can be an excellent way of dealing with these issues early.

Its recommendations follow figures published by Sun Life Direct that showed that the cost of dying currently stands at £7,248 in the UK and that 25 per cent of people have made no end-of-life plans.

Published by Tessa Jones