We all know that we should start thinking about what may happen to us in later life but many of us think that because it is so far off in the future that we can think about it later.
However, we can also incorporate thinking about later life planning as part of our review routine at regular intervals during our life time. So just as we change our car and home insurance provider, move our savings for a better rate of interest or change our mortgage lender we should start thinking about:
- Making a Will – you decide what happens to your personal items after death, your funeral wishes and forward planning can ensure your Will is tax efficient and reduce any potential claims being made against your estate.
- Lifetime planning – making gifts during your lifetime can make effective use of your inheritance tax free allowances as well as protecting certain assets against any future care home fees and providing financial security for your loved ones.
- Lasting Powers of Attorney – you decide who can make decisions on your behalf during your lifetime should you become mentally or physically incapacitated.
- Living Wills/Advance Decisions – you can decide what medical treatment you want and specifically what you do not want should the situation arise when you are unable to make the decisions for yourself.
- Future living arrangements – when thinking about your twilight years you may want to remain living in your own home, you may be considering sheltered accommodation or even a move into a residential or nursing home. Any option you choose may require a degree of planning to ensure that you understand about what benefits you may or may not be entitled to, any additional funding you may be able to apply for or any other care services which may be available.
We at Oakwood Solicitors can help you to plan for today and the future.
We can provide advice specific to your personal circumstances to assist you to make the decisions which best suit your requirements now and in the future.
Oakwood Solicitors are continually building relationships within the local area with:
- Independent Financial Advisors
- Funeral Directors
- Neighbourhood Networks
- Sheltered Accommodation providers
- Residential and Nursing homes
Should you wish to discuss any matters further when planning for the future.
So don’t put off until tomorrow what you can do today and as we all know tomorrow never comes!!!
WHAT TO DO NEXT:
For a FREE initial consultation, call the Wills and Probate Team on 0113 200 9720 or contact us online here to discuss how we can help you.
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Charlotte Bandawe
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