Many of us tend to avoid thinking about what may lie ahead in our later years. As life expectancy increases, conditions like strokes, dementia, and a decline in mental ability are becoming more common. While most of us will live into old age without encountering these challenges, taking a few simple steps to plan ahead with the right professionals can help ensure that everything goes as smoothly as possible. Consulting with a qualified lawyer, such as a member of SFE, will ensure that your legal affairs are in order, safeguarding your plans and helping you prepare for potential issues you might face as you age.
Wills
A Will allows you to determine how your property and assets will be distributed after your death. It can also include your wishes for your funeral, such as whether you prefer donations to a charity instead of flowers. Without a Will, your estate may be divided according to the ‘intestacy rules’, rather than your personal preferences. An SFE lawyer can help you create a Will that is both tax-efficient and administratively straightforward, minimizing the risk of disputes over your estate after you pass away.
Gifts
By gifting assets or placing them in trust while you’re still alive, you can transfer parts of your estate before death. However, gifts should be carefully planned, considering tax implications, your financial security, and any potential future care costs. Making gifts without proper advice could lead to losing access to state assistance at a time when you need it most. An SFE lawyer can guide you through this process and help you make informed decisions.
Lasting Power of Attorney (LPA)
A Lasting Power of Attorney (LPA) allows you to designate individuals to make decisions on your behalf if you’re no longer able to. There are two types of LPA: one for financial matters and another for health and welfare decisions. SFE lawyers can advise you on which documents you need, help you choose suitable Attorneys, and ensure that safeguards are in place to prevent misuse of your LPA. Without an LPA, if you lose the ability to make decisions, you may need to apply to the Court of Protection, which can be costly, time-consuming, and may leave you with little control over who makes decisions for you.
Advance Decisions/Living Wills
An advance decision allows you to specify the medical treatments you do not wish to receive if you’re unable to express your wishes in the future. SFE members can assist in drafting this document and explain how it works in practice.
Care Funding
Planning for care funding is a task that requires input from both a financial adviser and a lawyer. Seeking expert advice can help you plan for various scenarios, such as staying in your own home or moving into assisted living or a care facility. You may be entitled to benefits and support, including welfare benefits, social funding, or NHS-provided equipment and services. The rules governing care funding can be complex, but an SFE lawyer can help you navigate them, ensuring that you receive the maximum support available and avoid unnecessarily depleting your own resources.
Why Choose an SFE Lawyer?
SFE is a national association of independent lawyers who specialize in legal issues affecting older clients. As experts in this field, SFE members are trained to consider the physical and mental challenges that older or vulnerable individuals may face, and are knowledgeable about the health and social issues that can arise. SFE members offer impartial advice that prioritizes the best interests of their clients, always respecting their dignity and understanding the need for a comprehensive approach to problem-solving. All consultations are confidential, and SFE members are committed to using clear, accessible language, avoiding legal jargon, and providing compassionate guidance on complex, life-changing matters.
I am a fully certified member of SFE so why not give me a call to see how I can help you?
