Financial Planning For Your Old Age

If you are reaching retirement or old age you may want to consider putting into place plans for
your finances. Discussing your options with a financial advisor will probably give you the
quickest overview of eventualities which commonly occur, such as the need for someone to have
power of attorney, or nominating an executor/executor for your will. Having a good relationship
with your financial planner and accountant will make sure you feel relaxed about everything which
has to be considered. Find yourself someone to give you financial advice who you trust, feel
comfortable with and feel has the ability to explain everything to you in full and without
confusion.

 Power of Attorney

 If you are suffering from a degenerative mental disorder/illness you will need to nominate
someone to have Lasting Power of Attorney should you no longer have the mental capacity to take
care of your finances, property and decisions regarding your care. The legal document you apply
for will grant the bearer the right to make these decisions for you once you are no longer able
to. It must be registered with the Office of the Public Guardian before it can be used.

 You apply for a Lasting Power of Attorney when you are of full mental capacity to do so. You can
cancel the document should circumstances change. The Lasting Power of Attorney allows you to plan
in advance for your future. It contains a certificate which must be signed which states that you
fully understand the significance of the decision you are making, and there are processes in
place to ensure that you are not being coerced into the decision. If your finances, property or
personal affairs are particularly complicated you may wish to involve a solicitor in the
application process.

 Executor for a Will

 It is highly advisable to draft a Will whenever you have any dependents, or a spouse. However,
if you have not drafted a Will and you are retiring or are of old age, you should draft one
immediately. A lawyer can help you ensure that everything which is needed to be included in the
Will is in the final draft. When you draft your Will you will be asked to nominate an executor or
executors for your Will. They will ensure that your last wishes are carried out as you desire them
to be and will divide your assets amongst the beneficiaries of the Will as outlined within it. You
should ensure that the nominee is happy to take on the role of executor.

 Life Insurance

 You may wish to take out life insurance. If you have been paying into a life insurance scheme
for 2 years or more your family will receive a lump sum on your death. Discuss whether or not
this option is the right one for you to make with your financial advisor.


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For Cumbria Solicitors click here. http://www.twpsolicitors.com/ Thomson Wilson Pattinson are
Kendal solicitors. http://www.twpsolicitors.com/

Posted by J. Randall Frier