Managing your legal affairs in later life will help protect your assets and give you and your relatives peace of mind. Here are our top tips that will help you relax in the knowledge that you have your affairs in order.
1 Update your wills
Circumstances change, as do regulations regarding Inheritance Tax. It’s important to review your wills regularly to ensure that assets have the maximum protection and that your wishes will be followed.
2 Minimise Inheritance Tax Exposure
Understanding how to use trusts, how tax-free bands transfer between spouses, and the limits on personal gifts and donations will help minimise tax exposure without leaving problems for your beneficiaries.
3 Consider Advanced Directives
Also known as a Living Will, these document your wishes (for example regarding life-sustaining care) for medical care if you have an illness or emergency that leaves you unable to communicate with medical staff.
4 Lasting Powers of Attorney
These legal measures ensure that decisions about your personal welfare or your financial affairs are made by trusted people that you have nominated, should you lose the mental capacity to make decisions for yourself.
5 Plan for care funding
You may never need to go into care. But, if you do, it can costs thousands of pounds each month. Managing your affairs carefully can minimise your liability for care fees and ensure that there is a clear plan for how they will be funded.
6 Employment – know your rights
You may wish to carry on working beyond the normal retirement age. You retain your rights under unfair dismissal and redundancy regulations and it is illegal for an employer to refuse you a job based on your age.
If you want to know more about all of the legal issues facing you in later life download our factsheet. PowellsLaw has extensive experience in helping older people to enjoy their later years with the confidence that their legal affairs are in order. Contact us today on 01934 623 501.
