Being Prepared for Later Life

Sadly we sometimes come across cases where elderly people have no option but to spend their life savings on care homes fees, but often some professional advice could limit or even prevent this.

A case which hit the news recently highlights what can go wrong – an elderly married couple had worked hard all their lives, had a lovely home, the husband had held a respectable job a bank manager and he had been a councillor in his local area. Both put more into the local community then they took out.

However, despite trying to prepare for the future, when his wife was diagnosed with dementia the husband hadn’t foreseen that he would get crippled with this condition too. This is such a timely reminder to prepare for the future, in case you ever lose capacity to make decisions. 

Wills

Making a Will is a good starting point. It’s important to remember that it’s not just about making a Will, but about reviewing it on a regular basis and updating if necessary.  By drafting a Will you can protect your assets for your loved ones.  The team at Pearson can guide you through all aspects of a Will and make sure it is right for you.  This will give your family tremendous peace of mind, knowing that everything is covered.

Lasting Power of Attorney

It is also important to make Lasting Powers of Attorney, where you appoint someone to help with managing your affairs and making decisions for you should you become incapacitated in the future, either mentally or physically.

Everyone ages but we cannot know with certainty what lies around the corner – and no one ever expects that they may suffer from Alzheimer’s or Dementia. It is important that you don’t leave your family in a difficult position, by creating Lasting Powers of Attorney.

Private Client Solicitor at Pearson Solicitors and Financial Advisers has the following advice, “As a family it is good to have full and frank discussions, planning for the future, and to have the correct legal documents prepared so that situations like this don’t arise.  This way your loved ones won’t be put in a difficult positions, unable to help.  We can advise families and assist them in preparing for the future, so that they are in control and in a much stronger position to help when or if their loved ones become incapacitated.”

For further information please contact Wills, Trusts and Probate team on 0161 785 3500

Subscribe to our newsletter

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.