We can all look forward to living longer but we need to be aware of the challenges as well as the many opportunities that come with this. As we grow older the circumstances affecting any children we may have and our outlook on life, may change. As daunting as it is, you may want the peace of mind that planning for a life in residential care can bring or if you should become unwell. A will can offer protection against such eventualities but it is important that they are dealt with while you are still fit and able.
Retirement can bring some of the most fulfilling years of your life, particularly if you have planned well for it. However, if the worst should happen and your spouse/civil partner or lifelong partner dies, then this is a time to reassess your will.
If your spouse or partner is still alive you may well be influenced by how your children are coping with life. If they have experienced a divorce or some other financial upheaval this may well affect your thinking on how you want your estate to be passed down, but this can only happen if you change your will so it is crucial to keep looking at your whole of life circumstances and review your will on a regular basis. Equally, and this is something that happens more than people think, if one of your beneficiaries should predecease you then you must also review your will.
Many of us seek something new in our lives during our later years, and for some this may involve moving abroad or possibly purchasing a second home abroad. Usually, a will should not take into account property (or any other asset) situated abroad. This is because of the complexities of other countries probate laws and in this instance you should therefore have a will prepared under the local law of that country. It is however, vitally important that your foreign will does not accidentally revoke (cancel) your English will.
The sad fact is that getting old can be tough and even the most robust and able can experience impossible setbacks. Equally some will soldier on in an amazing way until the end. The problem, as ever, is usually we have no idea how our lives will progress. An issue to consider for many will be making a lasting power of attorney. In effect this is a separate legal document which allows you to appoint someone to manage your property and financial affairs or personal welfare if you become mentally or physically incapable of managing them yourself.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.