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PLANNING FOR LATER LIFE EXTRA 061
CROSSING THE T’S DOTTING THE I’S &
From keeping in good health to choosing the right care, not to mention the minefi eld of legalities when it comes to Wills and Lasting Power of Attorney, our autumn Planning for Later Life 4-page extra is the essential guide
wishes. And that’s why you shouldn’t put off getting your Will organised (or indeed, update your current one) or look to make Lasting Powers of Attorney.
I
Life changes, so should your Will
According to the fi gures, a shocking 97% of us either need to make a Will or update our current one. Ask yourself this: if you have a Will, what has happened since you wrote it? Have you:
• Become signifi cantly less or more wealthy? • Reconciled with a person you now wish to provide for in your Will? • Started divorce proceedings against your spouse or them against you? • Started a new relationship and want to provide for your partner or ended a relationship and no longer wish to provide for your ex-partner? • Become a grandparent and want to make a provision for your grandchild? • Fallen out with a benefi ciary and you now
t’s a fact – none of us like talking about death and while the inevitable may still seem a long way off, it’s important to protect your assets and ensure your loved ones are looked after according to their
wish to remove them from the Will? Our list gives just a few illustrations of events in life when you may need to consider changing your Will or making a new one. If this is something you have been considering doing for a while, your fi rst step should be to seek professional legal advice.
Planning for the unexpected
People of all ages are becoming increasingly prepared to face up to the possibility that in the future they could become unable to make decisions for themselves due to mental incapacity, whether brought on by a sudden accident, illness or advancing age. One positive way of dealing with things is to create a Lasting Power of Attorney (an LPA), a legal tool to appoint people you know and trust to look after your property and fi nancial affairs or health and welfare should you become unable to do so yourself. It is imperative to note you can only set up a Lasting Power of Attorney when you have mental capacity. Once you’ve lost capacity, it’s too late.
There are two types of LPA: • Property & Finance • Health & Welfare
The property and fi nance document enables the person/people you have nominated to manage your fi nancial affairs and deal with your assets as necessary, perhaps the sale of your home if you need to go into residential care. The health and welfare document enables the same or different people to make decisions regarding your health, such as medical treatment in consultation with the medical professionals, which residential home you wish to go to if the need arises and many other personal decisions. Before your chosen attorneys can use the powers, they need to be registered by the Offi ce of the Public Guardian (OPG).
Peace of mind
LPAs can be set up relatively cheaply online without the help of a solicitor but they are a powerful and important legal document and you may wish to seek advice from a legal adviser with experience of preparing them for peace of mind. • Setting up an LPA does not mean that it takes immediate effect and you can give your attorneys instructions to deal with your affairs in a certain way. Solicitors can advise you on the instructions that are possible and are permitted by the OPG.
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