Moneymatchmaker Later Life Planning - Making Your Own Choices
Later Life Planning of Your Finances To Protect You & Your Loved Ones
We know that planning for our old age, is not a fun thing to do or think about, but financially it makes total sense to take later life planning decisions as early in life as we can. They will not only protect those that are closest to us, from financial and emotional demands, but they also ensure things are just as we would like them to be, when we are gone.
In order that we do this, there are three critical areas of later life planning that MUST be given consideration;
- Arranging Prepaid Funeral Plans – Making financial & emotional choices for your funeral – You can benefit hugely by doing this long before your need arises, as if you decide to do it today, then you will pay today’s price for your funeral. What this means is, if, as we hope, you live another 20, 30, 40 or even 50 years, you will have prepaid your funeral at today’s price and will not have to pay any more towards the cost of your funeral directors costs. The effects of inflation alone, could mean that your £3500 funeral at today’s price, will cost significantly more in the future – To read more about prepaid funeral plans, scroll further down the page or simply click on the link at the bottom of this article to request more information from an industry expert.
The monies held within UK funeral plans, is secured by an independent trust fund, which Guaranteed to be safe and backed by the protection of UK Government securities.
- Making A Will – We all need to do this early in life, as we never know where life’s journey is heading. If you don’t have a will in place and you die, the state decided regarding how your assets are distributed, but they will not take into account your own desires. If you would like to avoid this from happening, and receive expert guidance to write your will properly, ensuring that all areas of your financial and emotional requirements are followed, then you need to talk to an expert – To find out more about making a will, simply click on the link at the bottom of this article to request more information from an industry expert.
- Arranging a Lasting Power Of Attorney – Ensuring Our loved one’s can make choices if we can’t. This is an are that is very often overlooked. The good news is that with the progressions in medicine, we are all living much longer than we used to expect too. However, more of us are being affected by illness and age related problems, which can sometimes mean we are not able to make our own choices. In these situations, if we do not have an up to date lasting power of attorney in place, which gives our nearest and dearest the ability to step in and make decisions for us, then the state will appoint the Court of Protection to make any decisions for us. This can become a real problem for those around us, you will not be able to access funds to pay bills etc or action legal decisions without firm getting approval to do so. This is a very complex topic and one that requires legal expert guidance. To find out more about about arranging a Lasting Power Of Attorney, simply click on the link at the bottom of this article to request more information from an industry expert.
Making Arrangements and Paying for your Funeral with a Prepaid Funeral Plan
Although a sombre thought, the fact is with prices increasing at the rate that they currently are, the cost of a funeral in 10 years time is predicted to be around £7 -800.00 (Source: Sun Life Cost of Dying Report 2013), but by securing your funeral at today’s price, you can buy the services of your chosen local funeral director, at the price that they charge today, which is in the region of £3200 for a standard funeral.
The benefits are many, not only do you select and plan your own funeral, right down to the music,hymns etc. but you also avoid the need to have the funds available at whatever point you die. The one thing that we all know is that we will die at some point, but most of us doesn’t know when. A prepayment funeral plan does not stipulate a point of death, so whether you live another 5 years or 50 years (We all hope for a long and healthy life) the one thing that you can guarantee, is that the funds will be in place and your funeral paid for.
Making A Will – Your Last Will and Testament is Important.
So many people die in the UK without having made a will, that the BBC have been able to make an ongoing TV program about it, which has been running now for several years. That in itself is a concern, as although the program focuses upon a professional business, who are there to make profits, the company itself cannot cry loudly enough about the importance of us all having a current will.
Making a will is a totally painless process, our expert will writers will run through a fact find to establish what you would like to happen when you pass. Most of the benefits of making a will are financial, but you can also include important decisions about pets, where would they go, if you’re not around and guardianship of your children if you were to die before they reach the age of 18.
Your last Will & Testament can include decisions about the allocation of your assets and all the elements of making a will avoid the need for all the proceeds of your estate becoming the property of the UK government, which is what will happen if you die without leaving a valid will.CLICK HERE – Request more information about Later Life Planning Options and Prepaid Funeral Plans