77% of over 50s have no Lasting Power of Attorney arranged

Posted on: 17 February 2014 by 50connect editorial

Figures show over 50s have no contingency in the event that they can no longer care for themselves or their affairs.

estate planningWe don’t like to think too much about the effects of ageing, particularly when it comes to a reduced ability to take care of ourselves. Yet take precautionary measures now and the future can seem a lot safer and less daunting. If you don’t take the time to plan for the worst, things might be difficult and financially stressful for you and your family if you should become incapacitated in the coming years.

The recent G8 Dementia Summit, revealed that only one out of every 85 adults have a lasting power of attorney (LPA) in place. An LPA is a legal document which allows applicants to appoint a person they trust to take control over their finances and health decisions should they be unable to do so themselves.

The ageing population has led to a marked rise in dementia cases, but strokes or other illness could also result in incapacitation.

Findings from Saga showed that 77 per cent of people over 50 have not yet arranged an LPA. An LPA from somewhere like SagaLegal.co.uk the cost is just over £300 and really make a difference once someone has passed away.

Other steps you can take to feel more secure this year

Improve your health – even a small amount of exercise each day, such as walking to the shops, can reduce your risk of illnesses like heart disease, diabetes and obesity. It’s not just about exercise, healthy eating has a vital role to play as well. Try to include oily fish in your diet, which has been shown to improve brain functions like memory, and make sure you’re getting at least five portions of fruit and vegetables per day to meet your nutrient needs.

Sort out your finances – seek financial advice to make the most of any savings and manage any outstanding debts. Consider switching suppliers to reduce bills. It can be easy to let things like utilities roll over year after year, but switching could save you a considerable sum, as loyalty doesn’t pay when it comes to your finances. Compare prices with companies like Confused.com to make sure you’re getting the best deal. If you haven’t drawn up a Will yet, or you need information on financial or legal issues, http://www.saga.co.uk/legal/wills-and-estate-planning.aspx are here to help.

Improve your home – accidents in the home are a leading cause of accidents and injuries. Take the time to start and finish those DIY projects you’ve been meaning to do, or hire in professionals to get the work done for you.

Whatever steps you take to feel safe and secure this year, always make sure you’re getting trustworthy advice and the best deal. 

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