Life, as we all know, seems to spin along faster and faster as we go along, and at the same time, our awareness of some of life’s challenges that might lay ahead comes ever closer into focus.
There are many things we know we should do but often put off. Saving for retirement, whether via a pension or something else, is just an example.
However, there are some other important things everyone should start thinking about, then get on and do something about!
The First Step is a Will. It will make life much easier for those that care for you to deal with matters after your day, just when they can cope with it all the least. It doesn’t have to cost a lot and is easy to keep up to date with any changes that might come along. That is something that will both ensure your own instructions are followed but, as mentioned, will help those you care for too.
The other areas I would like to highlight can as well make life easier for your loved ones and also ensure you are taken care of and looked after by those you know.
Powers of Attorney allow you to legally nominate one or more people to make critical decisions when you are unable to, perhaps due to ill health physically or mentally. There are two types of Power of Attorney in England, there are similar arrangements in Scotland too. One allows your attorneys to make financial decisions for you, the other decisions linked to your health and well-being.
They can again be kept up to date so that you know the right people will be there to help make some potentially very important decisions on your behalf when you are unable to. Wills and Powers of Attorney need to be put in place ideally before they are ever needed, so worth arranging sooner rather than later.
The final area I would recommend is looked into and rarely is… long term care.
We all know the existing system is underfunded and struggling. The effect of this will be that if you ever need residential care, the system as we know it will struggle.
What type of care will be available, where it is physically, and the standard of care are all things that will, for many years to come, be unanswered.
You can, however, do something about it yourself. You can plan ahead and arrange what is required to ensure you have access to private long-term care.
One of the main obstacles is often cost vs not knowing if you will ever need long-term care.
If you are over 55 abs own your own home we could look into whether we could arrange to fund that long-term private care so that you get the care you deserve.
The other option is the state selling your home to pay for state care which, as already mentioned, we all know is a system in crisis. There is a way of making sure your later years are spent in a more pleasant and nice environment.
If any of these areas are of interest, just contact us, and we would be more than happy to provide you with the necessary Independent Advice required to ensure your future plans are just what you need and want.
Ian Watters Financial Adviser
I am a local independent adviser who will take into account your personal circumstances, preferences and future plans into account when I offer you my advice.
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