With the size of the UK’s population increasing year on year, figures from the Office of National Statistics show that more people than ever are now living into their 90s, and project that by 2050, one in four people in the UK will be aged 65 or over.
Longevity is one of the greatest achievements of our modern era. However, is living longer a worthless prize if we have not sufficiently planned for our futures?
Living into very old age is something our society now needs to consider – we must at least plan to live 30 years past the traditional retirement age. Estate planning may be the secret ingredient which is required to live longer and enjoy a great quality of life. It is best not to leave anything to chance. Make your wishes known by having the correct legal documents in place.
The importance of making sure you have an up-to-date will and preparing Lasting Powers of Attorney (LPAs) cannot be overstated.
There are two types of LPA:
- Property and Financial Affairs
In the event that you are unable to look after your finances due to ill health, accident or incapacity, your chosen attorney can step into your shoes and can deal with, for example, the running of your bank account, management of your investments and buying and selling of property.
- Health and Welfare
This document would enable your chosen attorney to make decisions on your behalf, if you are unable to do so, regarding issues which impact upon your medical condition and personal welfare.
Without LPAs in place, costly and time-consuming applications may need to be made to the court and the person appointed may not have been the person you would have chosen.
Without a will, your wishes for the distribution of your estate on death, may not be followed.
If you would like assistance, one of our team would be pleased to meet with you and talk over your requirements.
This publication has been prepared by RRL Wills Limited. It is to be treated as a general guide only and is not intended to be a comprehensive statement of the law or represent specific advice. No liability is accepted for the opinions it contains, or for any errors or omissions. All rights reserved.