The Key To Planning For Later Life Is Sooner Rather Than Later

Beyond pension provision, there is much to consider when planning for later life; so the key is to do it sooner rather than later. Many of us have aspirations of how we will spend our retirement – these aspirations require funding and ensuring we have enough income means careful management in the years leading to retirement.

Other aspects which need addressing are will writing, long term care provision and putting in place Lasting Power of Attorney (LPA). Having a will makes everything much simpler for those you leave behind – it outlines clear instructions on the disposal of your estate, helps to ensure your wishes are carried out and also avoids any unnecessary legal costs.

None of us know what the future holds and, in an ideal world, we would all live to a healthy old age until we slip peacefully away in our sleep. Too often, this is sadly far from reality and many of us will require extra care either in our own home or in a residential setting. Having funds available to meet these needs, and ensuring we can afford the best possible care, will ease the stress if this situation arises.

LPA gives you the ability to appoint someone to manage your financial affairs, as well as your health and welfare needs should you lose the capacity to act for yourself. Thus, ensuring continuity in the running of your financial affairs. The Health and Welfare section of LPA allows the appointee to make decisions on obtaining the care you need to keep you safe and well looked after. All too often, we meet people who have delayed making these provisions and then discover how difficult it becomes to act on the behalf of someone who has lost capacity. The legal aspects in this situation can prove to be complicated and very expensive.

We advise our clients to involve family or beneficiaries in their planning – as many as four in ten parents have not discussed their later life plans with their children. It can be difficult to talk about our own mortality but it is so important to do so. We provide a booklet entitled “What I Own and Where I Keep It” which many of our clients find most helpful in instigating those difficult conversations. 

If you would like a copy of the booklet or wish to discuss any of the above issues at a free consultation (up to one hour), please contact our office.