A headline figure, from a recent study published in the Lancet Public Health journal, predicts that people aged 85 and over, requiring 24-hour care, will double by 2035.
Additionally, the journal article speculates that a million people aged over 65 will also need similar 24-hour care by 2035.
The fastest growing demographic in the UK is elderly people aged over 85. This trend is unlikely to change with estimations that current numbers of 1.6 million people will increase to over 3 million people by 2035.
It is therefore imperative that Willwriters are well versed in issues involving elderly customers.
Retirement planning remains a huge concern and can have major implications for elderly people. Recent statistics indicated that equity release surpassed £3 billion in 2017 for the first time and statistics indicate that quarter one figures had increased by a further 25%, suggesting that people are willing to release equity to fund their retirements.
When more people choose to remain in their family home, postponing the use of care homes or assisted living, ensuring that elderly clients have a clear estate planning strategy in place is vital.
Understanding the changing market for the elderly should be a crucial consideration for anybody in the Wills and Probate sector, especially considering the ageing population will mean dealing directly with these issues on behalf of your clients.
The IPW are proud to be running the ‘Advising the Elderly’ course on Tuesday, 2nd October. This bespoke piece of Continued Professional Development (CPD) will focus on care fees, mitigating care fees, protecting the house, protecting cash and savings, pre-paid funeral plans, covering your back, and a variety of Willwriting scaffolds and templates to ease your professional burden.
If you are dedicated to helping the fastest growing demographic with their retirement and afterlife planning, then this course will ensure that you are equipped and ready to support the 1.6 million over 85-year-olds that need your support and expertise.
This article was published by the submitter (as named above) as part of their advertising agreement with Today’s Wills & Probate.
The views expressed in this article are those of the submitter and not those of Today’s Wills & Probate.
