The rise in lasting powers of attorney is notable among younger generations.
- Laura Pang reports an increasing trend in the younger demographic managing future affairs.
- Final Duties attributes over a million power of attorney registrations in 2023 to an ageing population.
- Wills written by Generation Z and Millennials surged as a post-pandemic trend.
- Alzheimer’s Research UK projects a continued rise in dementia cases, influencing legal arrangements.
Laura Pang, a senior associate solicitor at Irwin Mitchell, highlighted a significant trend: a growing number of younger individuals are preparing lasting powers of attorney, ensuring their affairs are in order. This observation stems from increased awareness and the impact of recent global events.
Data analysed by Final Duties points to a notable surge in power of attorney registrations across the UK, surpassing a million in 2023. This trend is largely attributed to the ageing population, as more individuals anticipate the need for such legal arrangements due to age-related conditions like dementia.
The cultural shift is particularly prominent among Generation Z and Millennials, with the percentage of wills written by the former doubling in 2022, and a 6% increase among the latter since 2021. This shift indicates a proactive approach in managing personal affairs, possibly influenced by the heightened awareness during the Covid-19 pandemic when will enquiries reportedly increased by 75%.
Jack Gill, the managing director of Final Duties, noted that the ageing baby boomer generation contributes to the rise in dementia, thus leading more people to file for powers of attorney. The demographic change, coupled with an increasingly complex asset and liability landscape, has underscored the significance of early and comprehensive succession planning.
A separate analysis by Alzheimer’s Research UK underscores the gravity of the situation, revealing a rise in dementia cases from 829,000 in 2018 to 944,000 in 2021, with projections reaching 1.1 million by 2030 and 1.6 million by 2050. The Office for National Statistics further corroborates this with data reflecting an increasing percentage of the UK population over 65, suggesting a clear link between demographic trends and the rise in power of attorney filings.
The increase in lasting power of attorney registrations reflects a broader societal trend towards proactive future planning amidst an ageing population.
