Later life planning – hints and tips to prepare for the future

lasting power of attorney for business
August 15, 2019
Lasting Power of Attorney Later life

Planning ahead for your later life need not be scary with our help

Facing up to and dealing with later life planning issues can be both worrying and emotional for us all and it’s quite common to want to bury your head in the sand about everything. But as none of us knows what is around the corner Tallents Solicitors explains some of the ways you can take action now and still retain a positive outlook.

Planning ahead for your later life

Although none of us wants to think about getting old, when you are in your middle years it’s quite sensible to anticipate a potential change in your future circumstances and prepare accordingly.

Personal circumstances differ greatly at this point in life; you might have responsibility for a family, be running a business, employing people, or have other personal or financial considerations. So what should you think about putting place to support you in the future?

Lasting Powers of Attorney (LPAs): LPAs allow you to appoint an attorney or attorneys to make decisions on your behalf if you are unable to do so for yourself. There are two types of LPA. An LPA for Property and Financial Affairs would allow your attorney to make decisions about your assets and liabilities. An LPA for Health and Welfare would allow your attorney to make decisions and about where you live, the care that you receive and with the option to extend this power to allow your attorney to make decisions about the giving or refusing of life sustaining treatment. Signing an LPA does not allow your affairs to be taken over and managed straight away as your attorneys can only act at your direction or in specific circumstances.

Estate planning: including writing wills, inheritance tax planning, appointing guardians for underage or vulnerable children. If you want control over to whom and where your assets go after your death, then you need to write a will. Otherwise the government will make decisions on your behalf based on the value of your estate. It might seem scary but a will can be a very simple document which we can easily help you to draft.

Business owners:including succession planning or exit strategies. Every business owner should have a clear plan of what should happen in their unexpected, or permanent absence from the business. Our commercial lawyers can help you draft clear guidance for those who will pick up the reins while you’re not there to run the business.

Changing later life circumstances of someone close to you?

Perhaps someone close to you is starting to struggle with their legal affairs, either through ill health or a failing mental capacity?

Our elderly client lawyers can offer specialist advice and assistance to older and vulnerable people who are planning for their future or dealing with issues that are affecting them now.

Our sympathetic team of legal experts is able to provide confidential legal advice with regards to this specific legal area on:

  • Lasting powers of attorney
  • Court of Protection and Deputyship
  • Wills
  • Trusts, including those for beneficiaries with disabilities
  • Inheritance Tax planning, including lifetime gifts
  • Asset planning and preservation
  • Living wills or advance decisions
  • Long term residential or nursing care
  • State benefits
  • Home equity release plans
  • Information on home care
  • Probate and estate administration

Full legal support for later life

We understand that often the issues facing older or vulnerable people and their families are daunting and can result in them not knowing what to do for the best. Or perhaps you’re feeling overwhelmed by what the future may hold for yourself and you need guidance and advice on how you can best equip and support yourself.

Our experienced and capable lawyers offer a personal legal service that always focuses on the needs of the client. They aim to simplify the relevant legal issues to help you make sense of the legalities, allowing you to make informed and well-considered decisions.

Our team is well used to assisting clients with individual needs, and who may also have mental and/or physical health issues, in a sensitive, and caring manner.

The department is headed by Sarah Allen who has many years’ experience in this complex area of law. We have experienced lawyers who can see clients at any of our three offices in Newark, Southwell and Mansfield.

We are also happy to visit clients at home if that is easier for you or your loved ones. Just ask when you contact us to set up an appointment.

For more information or to set up a meeting with Gemma or one of the team, please call us today at our Newark, Southwell or Mansfield offices.

estate planning financial lasting power of attorney health and welfare lasting power of attorney Lasting Power of Attorney (LPA) later life planning
Previous Post
Don’t make promises you won’t keep – advice for farming families on succession planning
Advice for farmers on protecting Agricultural Property Relief
Next Post
What you need to know about Agricultural Tenancy Reform 2019
Alistair Millar discusses why farming partnerships need to clearly define who owns partnership assets via a partnership agreement