A Complete Guide to Later Life Planning
Later life planning covers a range of choices you need to make regarding what will happen if you become unable to make decisions for yourself, and what happens after your death. Planning for later life now can protect you and your loved ones from legal and financial problems. We’ve put together this guide with everything you need to know about later life planning. Follow these steps to start putting your later life plans in place.
1. Make sure your Will is up-to-date
Wills are often written during big life moments, such as getting married or having children, but when did you last review your Will? If your life circumstances have changed, for example if you have separated from your partner, or perhaps some of the people mentioned in your Will have passed away, you need to update it.
If you don’t have a Will, our experts can guide you through the process. Writing your Will with the support of an experienced professional will ensure your loved ones do not face legal challenges related to your estate upon your death.
2. Make a Lasting Power of Attorney (LPA)
Lasting Power of Attorney (LPA) gives someone you trust the ability to make decisions on your behalf if you cannot make those decisions for yourself. There are two kinds of LPA, one which focuses on Finance and Property, and one which gives legal power to make decisions on Health and Welfare.
It is only possible to make an LPA when you can prove you have the mental capacity to do so. Not having an LPA in place can create a challenging situation for family members who may be left powerless if you are diagnosed with an illness, such as dementia, or have an accident. Therefore, making an LPA as part of your later life planning is crucial so that financial and healthcare decisions can be made on your behalf.
3. Make Residential Care plans
If you have appointed an attorney under a Lasting Power of Attorney, they can carry out your wishes concerning residential care if or when required. Living Wills can also form part of your later life care plan by setting out any wishes you might have about your medical treatment.
Residential care is expensive, and not having a plan in place that considers residential care costs can result in assets being lost to pay care debt. Legal steps can be taken to protect any Inheritance you wish to pass on to loved ones, such as setting up trusts.
4. Plan for your retirement lifestyle
Later life planning deals with difficult topics such as illness and death but also concerns how you want to live. The benefit of creating a comprehensive later life plan is that it gives you peace of mind that you have a plan in place for every eventuality.