When you reach later life it does not make you are old and you could well have many, many more years ahead of you. Hopefully this means that you are financially stable which allows you to partake in all the activities you long to do but could not due to a career or raising a family and looking after them.
So, after the years of planning what should you have in place? Your health and wellbeing will play a very big part so if you have a will make sure it is up to date, especially if your circumstances change. Without one your family may not receive everything.
Hopefully you will have a care plan already in place, unless your family will be looking after you. This is so important as not many people know what they are entitled to and where they can get the help from so even if you don’t have a plan in place it’s never too late to seek help.
If you own your own home your estate could be subject to Inheritance Tax at 40% on your death. There are potential tax reliefs here so make sure you have these in place.
Having a lasting power of attorney at this stage of your life is imperative and is just one in a number of areas you should have set up by now – but it’s never too late: