Almost one in five people in England and Wales are aged 65 and over, according to the latest census. With a growing aged population, now is a good time to consider your plans for later life and to start preparing for the future.
What are the benefits of preparing for the future early?
Planning for the future allows you to prepare for the unexpected should you lose capacity or die. This gives you the opportunity to have clear conversations with your loved ones about your wishes such as, how you’d like to be cared for, how that can be paid for, your funeral and the distribution of your estate and possessions.
Conversations like these are never easy to have but they can help minimise a lot of distress at a hugely emotional time. They also give clarity and direction for friends and family should something unfortunate happen to you.
How can I plan for later life?
There are a range of things you can do and put in place to plan for your later life, including:
Making a Lasting Power of Attorney (LPA) – there are two types: A Health and Welfare LPA and a Property and Financial Affairs LPA. These will allow you to choose the people you trust most to make key decisions on your behalf if it becomes difficult for you to do so in later life or if you wish to delegate tasks concerning your property and financial affairs due to mobility issues, for example.
Writing a Will – this allows you to ensure that your estate is distributed the way you want in the event of your death, as well as deciding on your funeral plans.
Planning for inheritance tax and discussing asset preservation will allow you to mitigate the taxes due from your estate and will ensure your loved ones will receive what is due to them.
Planning for care fees, whether that be in a care home or for care in your current home, is sensible given the costs involved. Your wishes about your elderly care can be recorded and made clear to those looking after you, as well as planning ahead financially for the potential costs.
Other later life areas of law you may wish to consider include: Living Wills and Directives, creating trusts and NHS continuing healthcare, amongst other issues.
Choosing a professional to help you plan for later life
Planning for later life with the help of a legal and experienced professional will give you peace of mind and ensure you and your loved ones are protected and cared for according to your wishes when faced with complex, life changing issues.
At Tallents Solicitors, several members of our Private Client department are members of Solicitors for the Elderly (SFE), a national association of independent lawyers who specialise in older client law and who are also trained in sympathetically dealing with older clients.
They are able to provide specialist independent and confidential advice across a range of complex areas of law, which is also in the best interests of older or vulnerable clients. They’ll outline the best steps to take to ensure your future is protected the way you want in easy, understandable language.
Call now to start planning for your later life
There’s no need to wait until you are in a crisis situation or a beloved family member falls ill, speak to one of our experienced team members now about the future you envision and let them help you put plans in place for your later life.
Call us on 01636 813411 to make an appointment at Southwell, 01636 671881 to make an appointment at Newark or 01623 666700 to make an appointment at Mansfield. We can also make arrangements for home visits if required, please just ask us when you call.