Planning for later life

Scotland’s population is ageing and with a growing ageing population, now is the time to consider your plans for later life.

03 August 2022

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Scotland’s population is ageing and with a growing ageing population, now is the time to consider your plans for later life. We know that this is never a nice thing to think about, nor the most exciting, but the importance and benefits of acting and planning whilst you can, cannot be ignored.


What are the benefits?

  • Allows you to prepare for the unexpected should you lose capacity or die, giving you ultimate control.
  • Gives you the opportunity to have conversations with your loved ones about your wishes, such as how you’d like to be cared for and how that can be paid for.
  • Minimise distress for friends and family should something unfortunate happen. If you have a plan in place, it places less burden on your friends and family and helps them to understand what you want and how to achieve that.
  • Reduce family conflicts. Chances are your friends and family may have different opinions on what you would want or how to handle certain situations. Planning for the future and having a plan in place takes all of this away and ensures everyone is on the same page.
  • Know what to expect.


How can I plan for later life?

To make the most of the benefits mentioned above, there are a variety of things you can do.

  • Put a power of attorney in place. This document gives powers to people you trust most to make decisions on your behalf if you no longer have the capacity to do so.
  • Putting a will in place or updating a current will where your circumstances have changed. This will set out your wishes for what should happen after you have passed away.
  • Advanced directive (also known as a living will) to set out your wishes about refusing medical treatment.
  • Tax planning to ensure maximum use of available allowances and exemptions.
  • Care cost planning.
  • Ensure that all pension and life policy nominations are up to date. This will ensure any death benefits are paid to the people you want them to go to. You may also want to consider reviewing your pensions and finances so that you know what you have in place. Whilst we cannot assist you with financial advice, we can help put you in touch with a suitably qualified financial advisor.

Planning for later life with a professional will give you peace of mind and ensure your loved ones are protected in unfortunate circumstances. It’s never too early to make a start on your plans for the future and we are on hand to guide you through every step. If you would like more information on how we can help, please give us a call on 0131 200 1200 and ask to speak to a member of our Private Client Team.

Keep your eyes peeled for our upcoming posts which dive deeper into things to think about when preparing a will or putting a power of attorney in place. Next week’s post is all about how to protect yourself, your finances and others from scams.

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Solicitor

Taylor Henry