People are living longer and with the globalised world we live in, very often a UK citizen is faced with making some important decisions regarding their future. Their children might have all emigrated to other countries, or are perhaps living the expat life in the Middle East, which means they must make provisions for when they require assistance, and with this in mind, here are a few things to bear in mind.
- Asset Protection – As we get older and our children are not around to assist us, it is easy to mismanage assets, which might result in paying too much tax, or a devaluation of the asset. For this reason, it is wise to consult a solicitor that has experience in services for the elderly, and if you are living in the north of England, JWP Solicitors are based in Yorkshire and are the ideal people to contact.
- Long Term Care – Without children living nearby, an elderly person should consider their long-term future, and if this will involve care fees, a plan needs to be put in place to cover this. One doesn’t have to wait until the time comes, and by arranging something a few years in advance is a wise thing to do. There are certain insurances one can take out that would cover all care fees for the lifetime of the policyholder, and by arranging this, one can ensure that family members are not burdened with having to find the funds to keep you in a home.
- Making a Will – Every working adult should have a Will, and if you are approaching retirement age and still have not addressed this, it is time to take action. In the event you have no children and live alone, you will still need to consider how your assets will be divided, and unless you specify this is a legally binding Will, the chances are, things will not turn out how you expect.
- Funeral Arrangements – While it is perfectly natural not to want to discuss such morbid things, one really must consider these costs, and there are savings plans and insurance policies that will cover funeral costs. By talking to an experienced solicitor, you can make an informed decision regarding the best way to ensure that your funeral expenses are taken care of.
For most elderly people, there is a worry that their children or other family members will be burdened in any way upon their death, and without taking the necessary precautions, this could very well happen. The best solution is to consult an experienced solicitor who can advise you on the best steps to take that will ensure a secure old age, whether it be making a Will, or protecting assets. There are such solicitors online and a simple search will give you the website of an established practice that is nearby, and with a free initial consultation, you will be able to make an informed decision about protecting your future.