When making provisions for the future and later life care, the thing we usually focus on is the importance of writing a will. This, however, is just one component of estate planning and should be considered with a few other elements to make things easier for everyone involved as we get older.
What is Estate Planning?
Estate planning is the umbrella term for all provisions that should be put into place for you to be looked after as you wish, later in life.
From decisions on care and medical treatment, to whom you trust to manage your finances, stating your funeral plans and between whom you would like your assets distributed – all of this is estate planning. If you own a business, you must also consider what will happen to the business when you can no longer manage it, or if you die.
Such planning when you are in a sound state of mind means that you can think properly about which people and causes you would like to support, and who you would like to help manage your affairs if you lose the ability to make decisions on your own.
Peace of Mind
Once all aspects of estate planning are covered, you can rest assured that everything will be taken care of in the way you wish. Here is a checklist of everything you should consider when it comes to planning for later life:
- Will: the most important document which ensures assets and property are distributed to the people and causes that matter most to you, and in the most tax-efficient way. See our blog on inheritance tax planning to find out more. You can also state who will execute your wishes, ‘the executor’, being a person you can wholeheartedly trust to act on your wishes as written in your will.
- Lasting Power of Attorney (LPA): Financial and/or Healthcare – A family member, spouse or trusted friend who will act in your best interests on financial or health-related decisions when you are no longer able or if you lose mental capacity.
- Beneficiaries: Clear dictation of who gets what. Some things may automatically go to someone i.e. a next of kin if not otherwise stated. It is also wise to clarify a beneficiary as well as a second beneficiary in the event of the initial person being unable to serve or deceased.
- Letter of Intent: This is not legally binding but can help to clarify your wishes in detail, such as funeral plans or specific intentions for a particular asset. Digital assets such as social media accounts or online photo albums can also be detailed here. This document can be especially helpful if a dispute should arise, as it can help to inform the decision of the probate judge.
- Financial provisions: This is not a legal necessity but can help when you have a plan in place early on. How would you want to be cared for in later life; at home or in a care home? What would it cost and would your surviving partner or dependents be able to support themselves?
Support with the Legal Aspects of Later Life Planning
From simple reciprocal wills to complex succession planning for business owners of all sizes, our team of specialists are here to help. They deal with all elements of estate and later life planning on a daily basis, and so you can trust in them to provide the best possible guidance, tailored to your circumstances.
We know it can be a daunting prospect to think about the future, never mind dying. We can assure you that making preparations for later life will be worthwhile in the long run. You can essentially forget about it and carry on living your life once you know everything is in place!
Our wills and trusts team comes extremely highly recommended by clients both locally and nationally. They will go the extra mile to ensure that you are set for all eventualities and that all relevant documents are legally binding.
If you are now ready to take the next steps in any element of estate planning, call us on 0161 969 3131 or leave your details with us and we will be in touch.