15th November 2014
Are you prepared to live to 100? With one in three babies born today living to this milestone age, this is something more of us need to start planning for.
Here is a checklist of the essential considerations for your elder years:
You could easily find yourself having thirty or forty years of “old age” following retirement so it is vital to plan how much income and capital you will need to fund your future plans. You may want to help family members who are struggling financially or put something aside for your grandchildren. Using your inheritance tax allowances wisely is crucial or your relatives may have a heavy inheritance tax bill when you are gone.
Living longer means more of us will require professional care in our later years. You can plan for this whilst protecting assets such as your home through your will and the use of trusts.
The purpose of a will is to clarify your intentions to the people you leave behind. Without a will the intestacy rules will determine who receives your assets and this is where many disputes can arise. People living longer are more likely to remarry with second or even third families to provide for. In your will you can appoint guardians for children, make charitable gifts and specify funeral arrangements.
By making a lasting power of attorney you can appoint a loved one to make decisions about your health, welfare and finances for you if you became mentally incapable in the future, avoiding the lengthy and expensive process of applying to the Court of Protection.
If you want to refuse certain kinds of medical treatment, such as resuscitation, blood transfusions and the receipt or donation of organs and other tissue, or specify where you would like to die, you can make a health and welfare lasting power of attorney.
For advice on how to plan for your future from Myers & Co Solicitors, based in Stoke-on-Trent, Staffordshire, contact our wills and probate specialist Sue Hall by calling 01782 525001 or email susan.hall@myerssolicitors.co.uk.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
