Planning ahead for later life? A beneficial guideline
A lot of us do not have the time to plan ahead for later life, we are so busy with our daily schedules and lives that thinking about our old age is a low priority. We also live with this hope that if we maintain a healthy lifestyle, dependency will never happen to us. This is why most decisions about finding care and support in our later life are always made at a point of crisis, such as the death of a loved one or an illness.
It is so important to plan ahead for later life. Having the conversation about the future at an earlier stage and talking to others, who have faced a similar situation, is surely beneficial. It can help avoid making a quick decision in a time of crisis.
There are proven results that advance planning for later life significantly improves the quality of life of individuals and couples. Despite that, British Social Attitudes Survey shows that only 5% of the population have a living will or advance care plan in place since 2012. (Al, 2012, The benefits & barriers of ensuring patients have advance care planning).
Alan Lakein said, “Planning is bringing the future into the present so that you can do something about it now” – Lakein, A, 1989. How to Get Control of Your Life and Your Time.
We are aware and understand that there are certain things that one may not want to talk about right now and might feel uncomfortable to bring up with the family. However, if we put our plans in place for the future, it helps in better managing financial as well as legal matters in future.
How do I plan ahead for my later life?
If you live in the UK, there are three things to consider when planning ahead for later life:
- A lasting Power of Attorney
- Writing/Leaving a will
- Funeral Planning
A Lasting Power of Attorney
A Lasting Power of Attorney will allow you to give your loved one or someone you trust the legal power to make life decisions just in case you become unwell or unstable to make these decisions yourself.
There are two different types of Lasting Power of Attorney:
- Lasting Power of Attorney for Property and Financial affairs – this covers legal decisions about money and property.
- Lasting Power of Attorney for Health and Welfare – this covers legal decisions about your health and personal welfare.
Need more information and assistance about how a Lasting Power of Attorney works? Here are some useful links for you to look into:
- What decisions can my attorney make under LPA for Health and Welfare : Click here to view
- How to choose an attorney: Click here to view
- Registering an LPA for Health and Welfare: Click here to view
- What right does my attorney have : Click here to view
- Filling out a form for LPA for financial decisions and health & welfare : Click here to view
- Make, register or end an LPA : Click here to view
Writing/leaving a will early
- Writing a will is one of the ways to ensure your money, property, possessions and investments go to your loved ones and the people you care about.
- Age UK has written a perfect guideline on what kind of things to consider and which kind of professional to contact when writing a will well before you reach your retirement.
Plan your funeral for your later life
Planning your funeral is an emotional and often a costly process for yourself and your family. It is also a process that is surrounded by a lot of uncertainty. It would be beneficial to discuss your end of life wishes and get some guidance.
Here are a few things to consider when planning for your own funeral:
- Do you want to be buried or cremated?
- Do you have any wishes about how your body is to prepared or would you like to follow any religious guidelines?
- Where would you like to be buried or cremated?
- Do you want a memorial service?
It might help you to write your wishes down to make things easier for your loved ones to remember. A company called Dying Matters has a leaflet called “My Funeral Wishes” which you can use to record your own wishes.
Asking for help is sign of strength
Asking for help when you’re planning for your later life is not a sign of weakness, there are a lot of resources from healthcare professionals, different organisations and the internet to help you out.
Visiting Angels are hosting a webinar on how to take control of your money and personal affairs. With guest speakers from Grey Matters Consultancy, SOLLA, O’Dwyer Funerals and others including speakers from Visiting Angels, we are going to explore how you plan for later of life.
Why wait for something to happen to stay informed?
Sign up to our free informational webinar now! TAKING PLACE TONIGHT – VERY LIMITED SPOTS AVAILABLE