Davis Blank Furniss has reported a 30% rise in the number of LPAs that it has drafted for clients under 40 over the past 12 months.
A Lasting Power of Attorney (LPA) enables you to appoint a trusted friend, relative or professional to make decisions about your finances, property and personal welfare in the event that you are in an accident or you develop an illness that leaves you unable to make such decisions for yourself.
The main demand is coming from young North West based business owners who realise the implications if they lose capacity due to an accident or illness and who want to protect their assets.
Laura Johnson – solicitor in the Private Client team – commented: “Traditionally LPAs have been considered something that older people take out. However, there has been a real shift in awareness amongst younger clients; especially from entrepreneurs who understand what could happen if they lose the ability to manage their affairs.
Laura added: The key is to plan for the future and to not shy away from thinking about potentially tough scenarios. No-one wants to think about having an accident or becoming ill, but it’s vital that entrepreneurs take the necessary steps and are prepared for the worst”.