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Living for today

'Live for today and let tomorrow take care of itself' seems to be the outlook of today’s 40 something generation.
  
Middle aged Brits happily spend almost £3 billion in the first month of a new year, getting their bodies into shape.

Well over half of them opt to spend their money on holidays with 53 % taking more than three holidays a year.

But what about planning for tomorrow?

Research shows that the vast majority of people want their relatives and friends to help with their finances if they are diagnosed with dementia. Many have even taken the issue seriously enough to go so far as discussing their wishes with family members.

Despite this, according to the report, only 13% have a Lasting Power of Attorney, which their family or friends will need to legally be able to take over their finances.

There are two types of LPA:

Property and Financial Affairs LPA gives someone authority to deal with a persons’ bank accounts, pay bills, handle other finances and sell or maintain property for them, even if they are still able to do so, but want to hand the responsibility to someone else.  
Health and Welfare LPA gives someone authority to make decisions about a person’s health and welfare, but ONLY in the event that they are unable to do so themselves.  
 
It is important to remember that the LPA has to be made and registered with the Office of the Public Guardian while the person still has mental capacity. However, it does not have to be used unless it becomes necessary at some point in the future.  
   
Dementia is a global issue that affects more than 46 million people across the world. In the UK alone, more than 250,000 people are diagnosed with dementia each year, with the total number expected to reach 1 million by 2025.

If you would like to know more about planning for the future or just want a chat about your options, call our friendly team today – 01302 320621.
 

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