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| 1 minute read

'Baby boomers' reluctant to make plans

It might surprise you to learn that less than a third of the so called 'well-off baby boomers' have made arrangements should they be unable to make decisions surrounding their finances and welfare at any stage in their lifetime.  

We spend hundreds, if not thousands, of pounds insuring nearly all areas of our lives (house, car, income, even our mobile phones!) but there seems to be a reluctance to 'insure' against the possibility that at some point we may need someone to act on our behalf if we are unable to. Lasting powers of attorney (LPAs) allow an individual to clearly set out who will act for them if they are unable to. Having no LPA in place means that if you did need someone to effectively step into your shoes, perhaps later in life due to dementia or at any stage if you suffer an injury which impairs your ability to manage your affairs, then a longer, and as a result a more expensive, application would be needed to the Court of Protection.

This reluctance may stem from a feeling of losing control or it may be a fear of the legal process involved. Myself and the team here would be happy to address any concerns you may have and to answer any questions at all relating to LPAs on a no obligation basis and should you decide to go ahead we can guide you through the process from start to finish.

Research from Quilter, an investment platform and financial adviser, found that fewer than one in three (29 per cent) well-off baby boomers have registered a lasting power of attorney (LPA).

Tags

private legal services, lasting power of attorney, financial life planning