When should we start planning for our later years?
With one in six people in the UK being 65 or over, and with more people now living in to their 90s, the point at which we start to think of ourselves as old has moved considerably even from a generation ago.
This means we tend to feel like we have much more time to plan for our old age, such as putting Wills in place and set up Lasting Powers of Attorney.
However, it is estimated that by 2025 there will be over one million people in the UK living with a diagnosis of dementia. Research suggests that over half of the UK public know someone who has been diagnosed with some form of dementia.
For this reason, we believe that it is never too early to plan for the future!
When should I make my Will?
We’d suggest that when you purchase your first home; when you have your first child, or if you inherit a large sum of money you should think about making a Will - as you have something to leave or someone to look after in the future.
Your first Will is likely to be fairly straightforward, but if the worst happens having one in place will make life simpler for those that you leave behind.
We suggest reviewing your Will every five years and because we feel that this is so important we offer a free Will review service. We’ll go through your Will with you checking it still works for you and we can suggest how it might be altered if your circumstances have changed.
What if I can’t manage my affairs?
With Lasting Powers of Attorney (LPAs) the view is often that these are only for the elderly.
Our view is that if you want to make certain, at any age, that you and your finances can be looked after (whether it’s because you’re not able to make decisions for yourself or if you suffer from a physical injury that limits your ability to manage your finances) then you should put LPAs in place.
Without a Lasting Power of Attorney if you became unable to manage your affairs then someone will have to apply to the Court of Protection to be appointed as your Deputy. This can be a long drawn-out process taking up time that the applicant could be spending with you. It may also mean that your finances will not be able to be managed for up to twelve months with all the chaos that could arise from that.
Here at Vine Law we believe that it is never worth putting off until tomorrow what you can do today. So if you’d like to talk to us about your first Will, review your current Will or have a chat about how Lasting Powers of Attorney might help you and your family if you were involved in an accident or became ill then give us a call on 01945 898090 or contact Cath Collins via email at This email address is being protected from spambots. You need JavaScript enabled to view it..
