With pic: Clowes & Co partners, Alexandra Finney and Sarah Clowes.
A new survey has revealed that most UK adults are oblivious to the high costs of dementia care needs, with many thinking care is free on the NHS.
In reality, dementia care typically costs an average of £100,000 for care over a patient’s lifetime, way more than most people believe the costs to be,
Now Sarah Clowes, an experienced elderly care and asset protection solicitor is highlighting the need for families to protect themselves by considering setting up an asset protection trust and asking families to consider putting a Lasting Power of Attorney in place for older family members.
“Elderly care specialists estimate a million people in the UK will have dementia by 2021 and care charities believe we are sleepwalking into a crisis,” said Sarah, of Clowes & Co. Solicitors, Stoke-on-Trent.
“This is emphasised by a new YouGov poll which reveals that 81% of people surveyed are unaware of the average spend of £100,000. 46% had no idea of the costs of care, 50% think dementia care is free on the NHS and the most common estimate of cost was just £25,000 to £50,000.
“It is vital that people prepare their personal financial future to ensure their families can manage if care costs soar in old age.”
Sarah said that a group of lawyers known as Solicitors for the Elderly estimate that around 12 million Britons at high risk of future incapacity have not planned ahead to ensure their wishes are followed by appointing a lasting power of attorney (LPA).
Research shows that 12.8 million people over the age of 65 run the risk of developing dementia, yet only 928,000 UK residents have put in place lasting power of attorney (LPA) agreements.
Sarah said: “Solicitors and charities such as Age UK advise getting an LPA set up well in advance.
“An LPA is a legal document through which one person grants another person the authority to make decisions on their behalf. It must be registered with the Office of the Public Guardian. If the forms are not completed correctly the Office of the Public Guardian will be unable to register your LPA and your LPA will not be valid.”
“In addition, we advise that people consider setting up a Trust to protect assets. People work hard to build up assets and it is only natural to want to protect them so that our loved ones benefit. Clearly, these assets can be hugely affected by medical and care costs in old age.”
Clowes & Co is based in Baddeley Green, Stoke-on-Trent, and Sarah added: “In an area such as this, house prices are not inflated to the levels seen in more affluent places and it is easy to see how all of a family’s assets could be swallowed up by dementia care costs. It is important that people take steps to protect their assets and to plan for the future of their families.”
To find out more about how Clowes and Co can help with Lasting Power of Attorney, Trusts and Asset Protection, contact Sarah Clowes by email at [email protected]
ENDS
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