People are now safeguarding their future in their 50s according to specialists at Stockport law firm Gorvins.
In the last 12 months, Gorvins wills, trusts and probate team has seen an increase in the number of 50 to 60 year olds taking out Lasting Powers of Attorney (LPAs), which entrust their financial affairs and health care to family members, friends or professionals in the event that they lose mental capacity.
This type of legal document has previously been the concern of clients in their 70s and 80s, but with people living longer and many children in their 50s now facing the issues of care and finance for their elderly parents, it is prompting younger generations to get their affairs in order for the future.
Tasoula Crosby, wills, trusts and probate specialist at Gorvins, said: “Many of our clients in their 50s have experienced first-hand how difficult it can be for families when LPAs are not in place, when parents and relatives are losing the ability to make decisions for themselves and their health is declining.
“They’re now trying to avoid passing on the same stress and worry to their children in the event that they begin to lose mental capacity.
“Circumstances can change very quickly and without warning, which means that there often isn’t time to put a Lasting Power of Attorney together when it becomes apparent that one is needed. Planning ahead is key.”
Lasting Powers of Attorney can take several months to set up, but they are an easier alternative to Court of Protection procedures, which is the only available option when a person has lost mental capacity and no legal documents are in place. They also give people the opportunity to choose who looks after their affairs when they are no longer able to, as opposed to having decisions forced upon them by the courts.
Tasoula added: “For many of our clients these documents are considered an insurance policy that they hope they won’t have to use for a very long time. But with life expectancy continuing to increase, I believe taking LPAs out in your 50s will grow as more people choose to safeguard their wellbeing sooner rather than later.”