There is no age restriction as to when you can begin to plan for the future, nor any rules as to when you should stop. Situations change constantly and it is really important that your affairs are kept in order in accordance with your current personal and financial situations. Having worked your whole life for the things you now have you need to make it abundantly clear what is to happen to your assets, finances and any dependents when you pass away or find yourself unable to competently manage them yourself.
You would also be wise to outline any end of life care preferences you may have, who should be named as decision maker over health and financial matters should you lose capacity to do this role independently, appoint a guardian to step in to care for any minors that you have responsibility for, possible funeral plans or directives; there are many subjects to be considered that will make moving forward at a later date much easier and less stressful for those involved.
Within the Private Client team of solicitors at Bailey & Cogger in Tonbridge there is a huge range of elderly client services available for you to explore, including:
- the creation of a power of attorney appointing someone you know and trust to manage your personal affairs if you lose the ability to manage them yourself;
- the creation of a business power of attorney appointing someone to manage your business affairs;
- the creation of an advanced decision confirming whether you would like life sustaining treatment if you become very unwell;
- a plan to cover the payment of care home fees and to fund other long-term care costs;
- a plan to enable you to pass on money to your loved ones while you are still alive, paying no more tax than is necessary and without affecting your own standard of living;
- the creation of a will to ensure your money and property go to those whom you choose to receive them;
- the creation of a trust to protect the inheritance of vulnerable beneficiaries;
- tax planning to ensure you take advantage of any available exemptions and reliefs, particularly for inheritance tax; and
- general wealth protection advice to ensure you and your family hold on to as much of your hard-earned money and property as possible.
We can also help your family apply to the Court of Protection for permission to deal with your affairs if you are too ill to make a lasting power of attorney and to apply to the Probate Registry after you have died for permission to administer your estate.
Advising families throughout Kent and beyond
We can also offer meetings at your home, in hospital or in a care facility, and in exceptional circumstances a telephone appointment can be arranged via skype.
How much does it cost?
We offer a free initial 30-minute appointment to discuss your requirements. After that we can agree funding arrangements to suit your budget. For some cases involving the Court of Protection legal aid may be available.