The majority of consumers have not considered what would happen to their finances and debt should they suffer from an illness that leaves them without the mental capacity to cope, a survey has revealed.
According to a study by the Equity Release Solicitors Alliance, 54 per cent of those aged between 35 and 64 have not discussed the possibility of a disorder such as dementia, despite more than one million people expected to be afflicted with it by 2015.
ERSA spokesman Peter Barton indicated that it would be better for people to take action sooner rather than later if they wish to ensure their finances are protected.
“For homeowners who have not yet made provisions for the future â€¦ it is best to appoint someone you trust as an attorney while you are still in good health,” he remarked.
The ERSA made its formal launch at the start of 2009 and aims to highlight independent legal advice within the equity release sector.
By Chris Trimble