One of the most important areas to be considered by older people is the question of decision-making in the future - according to a Midland firm that has launched a unique task force dedicated to the over 50s.

Fiona Barnes of MFG Solicitors says more than 700,000 people are affected by dementia, including one in every five over 80 years of age. 

"We should plan for the possibility that we may not always be able to manage, to make it easier for others to help us," she said.

"Perhaps we can look to our children, neighbours and social services to help with our physical needs such as the shopping, gardening and cooking, but what about finances?

"No one has the automatic legal authority to manage the finances of another person - but what if the owner can no longer cope?

"The Benefits Agency can nominate a person - usually a family member - to receive state pension and benefits. 

"However, that usually leaves other finances "frozen" with no one able to access them to pay bills, manage investments or sell a house.

"Without any other authority in place, everything can be in limbo until the Court of Protection appoints a "Deputy" to take over managing the finances and property of the person who can no longer cope. 

"This does not happen automatically. Usually a family member has to apply to the Court to be appointed, providing a medical report and details about the person, the finances that need to be managed, and themselves.

"The process is currently taking several months, and the Deputy appointed may not be the one that the person who has dementia would have chosen. 

"An annual insurance premium has to be paid, dependent on the value of the assets.  This can be several hundred or even thousands of pounds a year.

"The Deputyship involves reporting annually to the Court, which may retain certain decision-making powers such as selling the house or how some investments should be managed.  The Court charges fees for its involvement.

"We believe the better alternative is for every person to choose and give legal authority to the person - or more than one person - he or she trusts to manage their finances if they become unable to manage themselves or simply want some help. 

"This can be done by a Lasting Power of Attorney. Although longer and more complex than the old Enduring Power of Attorney it is relatively easy to put in place.

"There are many options available with an LPA over how the attorneys are appointed - for example to act together at all times or independently or to name substitutes - and the extent of the attorneys' powers. 

"MFG's Services for the Over 50s team has prepared and registered hundreds of EPAs and LPAs, as well as preparing many applications for deputies to be appointed.