Hopefully your parents or relatives have sorted out the legal arrangements regarding any inheritance they wish to pass on and the practicalities of financing later life, as well as sorting out the support they might need from you and others. If not, then there are certainly a few legal matters to try and sort out ahead of time.
There are three important questions you should try and get answered with your parents, as they will influence some of the legal – and financial – decisions that may need to be taken:
- Where do you want to live if you have the choice?
- If you need care what kind of care would you like (at home, care home)
- Do you know how you will fund your later life and any care that you might need?
Our top recommendation is to ensure that your parents have written and/or updated a will and that you/someone knows where it is kept.
We recommend that you encourage your parents to establish Lasting Powers of Attorney (LPA) for money and health and allied to the finance LPA we also suggest sorting out a third party mandate with the bank and other useful organisations. Establishing a power of attorney will enable your parents to fulfil their own wishes for medical and other support should they become unable to make their own decisions.
We have put together our legal section to cover the most important legal aspects you need to consider.
All the advice suggests that having the conversations and planning ahead can be very positive for everyone and we can confirm that talking about making a Will does not advance death…