Planning for your century
15 November 2014
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.
Paying for care
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.
Powers of attorney
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.
End of life decisions
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.
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.