The number of centenarians living in the UK has risen by 73% over the last decade to 13,350 in 2012 (Estimates of the very old, 2002-2012. UK Office for National Statistics, March 2014). With most of us living longer, it is essential to plan for our later years; there are a number of ways you can plan
Wills
If you do not have a Will your estate will be divided according to rules of intestacy. By making a Will you can decide exactly who gets which assets and in what shares. This means that as well as distributing the large financial assets in your ownership you can also specify gifts of particular items of personal or sentimental value to friends or family.
Lasting Power of attorney
A lasting power of attorney (LPA) enables you to appoint one or more people (known as ‘attorneys’) to help you make decisions or make decisions on your behalf. This gives you more control over what happens to you if, for example, you have an accident or an illness and cannot make decisions at the time they need to be made (you ‘lack mental capacity’).
The system of Lasting Powers of Attorney provides for two separate Power of Attorney documents and you can use either or both. One is for property matters and one is for personal welfare matters.
Care Home Planning
Paying for carer accommodation in a nursing home is an issue that concerns many people. It is of particular concern to find that the family home may have to be sold after the death of one spouse or cohabitee where the survivor requires admission to a residential or nursing home.
In order to be able to protect the family home and property from care home fees it is first necessary to ensure that a married or cohabiting couple own the property jointly in the correct way. Once the ownership is correctly structured it would then be possible for wills to be made whereby the first partner to die leaves his or her half share to the surviving partner in a life interest trust. This means that the surviving spouse can remain living at home for as long as they choose without any threat from any local authority or other party.