New online hub to help over 50s plan for later in life

Live-in care service provider Elder has teamed up with Co-op Legal Services to help people take charge of later life finances and care arrangements. 

A new virtual hub will provide legal guidance on a range of estate planning issues such as wills, lasting power of attorney and inheritance tax along with support on live-in care options.

The move follows research conducted by Co-op Legal Services in 2020 that showed a large number of people had given no thought to their legal affairs.

Almost four fifths (83%) of over 50s and two thirds (66%) of those aged 75 and over did not have a lasting power of attorney in place.

Meanwhile, when it comes to planning care, research conducted by Elder in February 2021 shows that 60% of people aged over 60 have limited or no knowledge about elderly care and support services.

And almost three quarters (74%) of respondents had either not thought about, or thought very little, about making provisions for their future care and support. In addition, over 50% of respondents said they did not feel prepared for later life.

‘Co-op Legal Services is a trusted name in later life planning services and our digital hub will give customers access to confidential and impartial support in the comfort of their own homes. Our research shows that there is still a knowledge gap when it comes to planning for care needs in later life,’ said Elder chief executive, Peter Dowds.

‘And it is often a decision delayed until one unfortunate incident triggers an urgency to arrange additional care support for a loved one. However, if we, as a society, move towards a mindset where we’re considering potential care needs ahead of when they are actually required, we can collectively move towards a more personalised care model.’

James Antoniou, head of estate planning at Co-op Legal Services, added: ‘It’s concerning that so many people have not yet put basic estate planning measures in place – for example, an LPA is the only legally valid way to choose someone you trust to make a broad range of important decisions on your behalf about your finances and welfare, if you’re ever unable to make those decisions yourself. 

‘We’re delighted to be partnering with Elder and our is aim is to give people the knowledge they need to be able to assess their options and understand how they can benefit from the law, giving them real peace of mind in their later years.’

Photo Credit – Pixabay