Ahead of UN International Day of Older Persons on Monday 1 October 2018, professionals at a High Wycombe law firm have said that careful planning can be the key to a good later life.
The Older Client team at Reynolds Parry Jones LLP have said that careful planning with the input of an experienced legal advisor is one of the most important things that people can do as they enter the later decades of their lives.
Roderick McCulloch, a Partner at Reynolds Parry Jones LLP, said: “As more people are living longer lives, so too are more families dealing with the challenges that old age brings.
“Whether it is the loss of mental capacity of or care needs, planning for these eventualities can make a major difference to people’s quality of life.
“Putting Lasting Powers of Attorneys in place means that a person can be confident that their wishes will be adhered to, should they become incapacitated.
“Similarly, planning for care fees can save the heartache of having to sell the family home.”
Roderick added that older age can be a time of big changes and so it is also important that documents prepared some time ago remain up to date.
“Wills should be reviewed on a regular basis to ensure they reflect any changes in circumstances, such as births, deaths and marriages, as well as changes to the Inheritance Tax (IHT) rules.
“LPAs should also be reviewed on a regular basis to ensure they reflect a person’s latest wishes and that those appointed to make decisions on their behalf remain appropriate,” he added.
“Getting these plans right and keeping them up to date can make a profound difference to a person’s later years.”
To help people plan for old age and to ensure their plans remain up to date, Reynolds Parry Jones LLP offers a dedicate Later Life service, which includes the preparation and review of key documents for a fixed annual fee.