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Planning for later life
- AuthorMarcus Parsons
We are all getting older and just by reading this sentence you are a few seconds older than when you started! But why do so few of us fail to prepare for later life, do we just want to put off thinking about it for another day. In my role, I often face the difficult task of telling the family that mum or dad has left it too late to do any planning or sadly cannot proceed with making that legal document because they just do not have mental capacity.
So below I list the 5 things that you should think about before it is too late.
1. Lasting Powers of Attorney. You have probably heard of these or may have even been an attorney under one but have you made one? Just because you have made a Lasting Power of Attorney it does not mean you give up control. Think of Lasting Powers of Attorney as an insurance it’s something you have paid for but hopefully will never be needed a bit like care insurance. You can make a Lasting Powers of Attorney for your financial affairs (so someone can assist with paying bills and generally managing your money). You can also make a Lasting Power of Attorney for your health and welfare (so when you cannot make decisions over where you should live people can make that decision for you or even make decisions over medical treatment).
2. Wills. Have you made one or when was the last time you updated your Will. Wills can be a useful instrument to protect your assets and can be a useful tool for tax planning. But more importantly a Will makes sure that those you love benefit from your estate.
3. Create a life log book. In this log you can record all your important things, family members contact details, legal documents made, your likes and dislikes and medication details. You may wish to put a jar in the fridge with emergency written on it and in the jar put important medical/contact details even where you have put the life log book. Why in the fridge you ask, emergency response staff are trained to look in the fridge for important information.
4. Make sure you speak to your financial advisor they can help you with your pensions and assist with general financial management. Make sure your advisor is an independent financial advisor.
5. Speak to your family about your wishes and plans so they know.
We are able to assist in helping you plan for later life and if you wish to discuss any of the above in more detail then please do not hesitate to contact the Private Client team on 01244 665544.
This information sheet is intended to be for general guidance only and is not a substitute for specific advice. It is based upon our understanding of the applicable rules as at July 2020 and may be affected by subsequent changes. For more information, please contact Marcus Parsons on 01233 665544 or email at firstname.lastname@example.org
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