Later life law, with all it entails, can feel a little like a minefield – it is essential that all necessary documentation is in place – what is the starting point with clients who visit you looking to get their affairs in order?
The starting point is always to review any arrangements client already has in please for their later life planning (if any). As part of our later life planning service we carry out a full review of a client’s personal circumstances, their finances and their ongoing needs (including considering any potential change in their needs due to things like care issues) in order to identify what can be implemented in order to help them out. A full Will review and LPA review is essential and if these are not already in place we advise completing these as a priority.
- Is setting up LPA an essential part of that planning?
This is essential to later life planning. There is naturally a cost involved in setting up an LPA, however, the alternative of having to apply to the Court for a Court order (called a Deputyship Order) in order to look after a loved ones affairs should be avoided if at all possible due to its even greater cost and length of time it takes to put in place. Most clients agree that they want to be in control of choosing who would act for them in circumstances where they could not act for themselves and completing the LPA provides them with this control.
- How often should we be revisiting our Wills?
As a rule of thumb we suggest clients should look to review their Will every three to five years to ensure it still says what they want it to say.
It is also extremely important to review a Will if clients have experienced any major life changing circumstances. These could include events such as divorce, marriage, re-marriage or having a child.
Other changes that could affect the content of a Will could include moving home, moving abroad, and a change in financial circumstances.
- What are the benefits of going through a solicitor rather than trying to sort elements out yourself?
Using a solicitor can help eliminate stress and strain for the client and also their loved ones upon death. Solicitors are regulated and clients are therefore protected should something go wrong. We are also able to deal with the more complicated and technical aspects of drafting Wills and LPAs. We pride ourselves in our customer service and often identify scenarios or questions that the client would not have thought of by themselves. Also, we ensure a clients’ documents are stored safely and that Wills are registered with the National Wills database, Certainty, which ensures a persons Will is located upon death.
- Are there any misconceptions about later life planning that you wish you could set the record straight on? There always seems to be misinformation floating around!
Every situation is different and there is no ‘one size fits all’ solution for later life planning. Some of the common misconceptions are that later life planning is expensive, takes a long time to implement, is risky, is complicated, is something that should be left until a later date.
We like to lead all our clients through the process in a simple, non-risky and cost effective manner in order to ensure that they are fully comfortable with any suggestions before they are implemented. Some of the work can be carried out using a fixed fee and if this is not possible our clients are provided with details about our fees before work is commenced. We are always happy to discuss any aspect of concern with our clients.