7 Things To Think About When Making Plans For Later Life
By Sarah Strong, Partner in the Private Client team at CooperBurnett LLP.
Top Image Photo by Scott Graham on Unsplash
We all need to plan for getting older and for death. These aren’t the easiest of topics to think about, but some prior planning and putting your affairs in order will make life a little bit simpler for both you and your loved ones.
- Put Lasting Powers of Attorney (LPAs) in place stating who you would like to make decisions for you about your property and finances, and your health and welfare, if you become incapable of making these decisions for yourself in the future.
- Make a Will to state what happens to your estate on your death, who should be appointed to carry out your wishes and naming guardians if you have any children under the age of 18.
- If your estate may be subject to Inheritance Tax on your death, consider seeking the advice of an Independent Financial Advisor to see if there is any planning you could do to mitigate this.
- If appropriate, keep a list of your assets and any likely liabilities and a note of where any original documents (such as your Will) are stored.
- Keep a note of any gifts that you have made in the last seven years (over £3,000 in any one tax year) to assist your executors in completing your Inheritance Tax return.
- Make a list of any individuals or organisations who would need to be notified of your death.
- Make a note of any funeral wishes you have or consider putting a prepaid funeral plan in place. This may give you some peace of mind that your wishes will be carried out and will stop your loved ones having to guess, and potentially argue, about what you may have wanted.
If you wish to discuss this further, please do not hesitate to contact Sarah Strong (pictured right) by emailing shs@cooperburnett.com or calling 01892 515022.
• Visit cooperburnett.com
This blog is not intended as legal advice that can be relied upon and CooperBurnett LLP does not accept any responsibility for the accuracy of its contents.
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