Legal Advice for your Retirement
- Author Janice Fergusson
- Published September 14, 2019
- Word count 609
By the year 2040 one in 12 of us in the UK will be aged over 80. Currently, approximately 20% of the Scottish population is of retirement age. Many of those people are still extremely fit and active and are enjoying their retirement to the full. We all wish to have a long and healthy retirement, however, we believe it makes sense to plan for your future especially whilst you are in a position to make the best decisions for yourself. Everybody should put in place plans for future care, and legal protection to look after their affairs.
POWER OF ATTORNEY
This is a very useful legal tool which everyone should consider putting in place. By making a Lasting Power of Attorney, you are able to choose who will have the legal authority to manage your affairs and speak on your behalf, if in the future, you lose the capacity to do so because of physical illness, frailty or mental health issues.
It is a comfort to know that one or two people whom you trust completely and who know your preferences and life choices, will be able to stand in for you when you are in need of help.
A word of caution.
We advise against having joint Attorneys. By all means, have more than one who can each act for you alone but it can be complex if two people have to be present together at, say, a bank branch, in order to take any action.
There are two types of Lasting Power of Attorney; one dealing with property and finance and the other concerned with health and welfare matters.
Your solicitor will be able to provide you with the best legal advice for your circumstances and needs.
CARE HOME PLANNING
You may be lucky and remain fit and well throughout your retirement. You may even be certain that you will not require the services of a care home. However, none of us really know if our health will remain, so we believe it is wise to be prepared. If you have thought about what you want while you are still fit and healthy, it will help your family hugely if your health does deteriorate. Advice from your solicitor can help smooth the process of choosing to move to a care home. They can help in the following ways:
Write a Will which helps preserve your assets for your family and minimise care home costs.
Help you budget your money and arrange for all your bills to be paid.
Deal with your state benefits and apply for additional benefits if you are eligible.
Sort out your tax affairs including Income Tax.
Deal with the Local Authority on your behalf.
WRITE A WILL
It is extremely important to write a Will, even if it is very straightforward and simple. Once done it means your wishes will be granted no matter what happens in your future. Your assets, no matter how small or large will be passed to your chosen beneficiaries according to the terms specified in your Will.
Making a Will is relatively quick and simple. It can also give you peace of mind, knowing that your affairs are in order, so that everything will be straightforward for your family and loved ones. Some Solicitors will help you write a standard Will for a fixed price and will also store your Will.
We strongly advise you to take advise from your Solicitor while you are fit and well so that you can have peace of mind that all your affairs are in order.
Enjoy your retirement!
You deserve it. And we hope you remain fit and healthy for a very long time.
Janice Fergusson is the Principal Solicitor at Fergusson Law in Edinburgh.
Private Client Legal Services: https://www.fergussonlaw.com/private-client-services.htmlArticle source: https://articlebiz.com
There are no posted comments.
- WAYS TO CHANGE YOURSELF, AND SHAPE YOUR LIFE
- How to Live Independently and Enjoy the Simple Life
- Brands, What They Mean
- What Does Synthetic Marijuana Look Like?
- Five times Philantropist and businessman Faith Mensah Tekpor was generous with his money
- Benefits of Treadmills
- Learn About Bubble Hash from a Colorado Dispensary
- The Human Security Approach Would Contribute to Building Sustainable Peace for States and for the Global Level
- Inner-Peace in the Global Education System: Building Sustainable Well-being and Better Living Environment
- Dehumidifier Buying Guide
- The Best Dehumidifiers of 2021
- DO YOU HAVE A GOOD SLEEP QUALITY?
- The Economic Democracy Act: FAQ's Updated
- American Express Company (AmEx)
- Small-Souled Bugmen
- BEST REASONS TO BUY CIGARETTES AND CIGAR ONLINE
- How to Slow Aging (and even reverse it)
- 3 Tips of Getting a Luxury Life
- Why Darkness is Important for Cannabis Plants
- Bad Driving Habits
- Why China is Considered A Fashionably Advanced Country?
- How To Choose The Right Jeweller For You
- Magic Spells for love, money, success, protection, prosperity and good luck
- Social Phobia
- Tops 10 Model Women With Unique Facial features
- Men at 58
- Corporate Premium Gifts Supplier in Malaysia
- Some of the Best Men’s Lifestyle Advice