Basic Guide on the Issues of Later Life Planning

Issues that might arise as part of later life planning from a legal point of view

This basic guide is intended to give you an indication of the types of advice you may need in later life, and as part of retirement generally. It is not an exhaustive list but it covers the main general areas of advice that may crop up.

It is important to note that every family is different and, therefore, advice is based on the individual circumstances of the family.

Wills

Do you have a will?

If you do have a will when it was last reviewed? Does it still do what you want it to do and have there been any changes in the law or your circumstances that need to be addressed?

Have you got an inheritance tax issue?

Do you need to consider future care fees?

Property

Do you have property?

If you do, what do you have? How do you hold it? Do you need to make a change?

What would happen if one or both of you went into care?

Get some advice and information on a trust or a severance – that’s not to advocate a trust but to ensure you have a full picture of the options.

Assets

What do you have financially and how do you hold it?

Do you have an inheritance tax issue?

Do you need advice on future care costs?

Are you in contemplation of care?

What do you and the family need going forward?

Do you have a financial advisor?

Do you have a pension in place?

Do you want to make gifts?

Income

What is your income?

Does it more than meet your needs?

If you have an inheritance issue are you managing it effectively?

Would your income pay for your care?

Are you claiming everything that you are entitled to?

Do you need to see a financial advisor to look at maximising your income?

Powers of Attorney

Do you understand what they are?

Are you fully aware of how they work?

Do you have them?

Have you tailored them to meet your bespoke circumstances?

Are they capable of being made and if not do you know what the Court of Protection’s role is and how to apply?

Trusts

Do you know what they are?

Do you know how they would work?

Do you need one?

Life-time trust or a will trust?

Do you know what the implications in respect of care fees are versus the implications in respect of inheritance tax?

Is it appropriate to look at asset protection?

Care issues

Do you need advice on the payment of care fees? This might involve advice where someone is self-funding or you might believe that someone should be eligible for NHS continuing care or section 17 Funding.

Have you been asked to sign a third-party top-up fee?

Is someone being moved from a care home?

Do you want somebody to be moved?

Do you need help because you are unhappy with an aspect of care? Do you need to know where you stand on such matters?

Do you need some assistance with a safeguarding matter because you are concerned for someone?

Do you need a Welfare power of attorney?

Jane Flaherty is an expert in Later Life Planning. She is accredited with Solicitors for the Elderly and is also a fully accredited member of the Society of Trust and Estate Practitioners. If you would like legal advice regarding planning for later life, please call Jane on 01404 541904 or email jane.flaherty@everys.co.uk.