My later life planning top five tips 

Clients often ask me what steps they need to take to plan for their later life. Whilst you can't plan for everything and we don’t have a crystal ball, here are my five top tips!

1. Make a will – not only will this set out what your wishes are, it will enable you to put in place inheritance tax planning (IHT) or care fee planning. This can include any trust arrangements and reviewing your property ownership. If you co-own a property how you hold it determines how it will pass on your death. Your share may pass by survivorship to your co-owners, or it may pass via your will to your chosen beneficiaries. 
   
   Your will should be reviewed when you experience major life changes, especially on retirement or if you become in need of care. We advise reviewing your will every three to five years to ensure that it still does what you want it to do and there have been no legal changes that impact on the effectiveness of your will. 
   
   
2. Make Lasting Powers of Attorney (LPAs) – these are legal documents that enable you to choose who you would want to step into your shoes and make decisions on your behalf if you cannot make them for yourself in the future. There are two types of LPA, one for health & welfare and one for property & financial affairs.
   
   Many clients believe that they will be able to make decisions for their spouse should they lose capacity, but this is incorrect. 
   
   If you have not made LPAs and would like to know more about them, do speak to a qualified advisor, such as a member of The Association of Lifetime Lawyers, to ensure that your LPAs suit your needs.
   
   
3. Seek financial advice – we all have different ideas about what our later life will look like and sometimes we are dealt a curve ball and need to alter what we had in mind. I would recommend seeing someone who is a member of the Society for Later Life Advisors (SOLLA) as they are specialists in looking at later life issues. This can cover advice from how you want to experience your retirement, to making a plan to mitigate your inheritance burden or care fee costs.
   
   
4. Living arrangements – have a plan for how you want to live in your last chapters before you get there. Do you want to downsize or live nearer to facilities, for example. Often this is left too late, which can impact on safety, independence and quality of life.
   
   
5. Look after your health – later life does not have to be doom and gloom, people are doing amazing things at all stages of life, but it starts with taking care of self both physically and mentally. Eating well, sleeping well and movement in whatever form brings you joy!

Closing thoughts

Planning for later life is about more than legal or financial considerations - it is about embracing the future with confidence and a clear idea of what you want. By taking these steps well in advance, you can set the stage to enjoy the years ahead, whilst reducing stress you and your loved ones. If you are unsure of where to start, professional advice will help set you on the right path. Later life is what you make of it - plan well to live well.

Jane Flaherty

Partner at Everys Solicitors based at our Honiton office.

Jane has over 13 years’ experience in private client and is a fully accredited member of The Association of Lifetime Lawyers, formerly known as Solicitors for the Elderly (SFE).  She has further undertaken an advanced STEP certificate in advising vulnerable clients. This is an area of law Jane is particularly interested in.

Jane is an expert in later life matters, having had extensive experience in wills, probate, lasting powers of attorney, care fee advice, and court of protection, including the management of someone’s affairs on their behalf.

Jane came to the law after a successful career in social housing where she developed the skills necessary to listen with intent, to speak in language easily understood by her clients, and learned that every family has their own unique needs.