Retirement

Are you approaching retirement?

Couples approaching retirement have a range of options to consider with regards to income, asset protection, estate planning for future generations. Speak to one of our experienced Will & Estate Planning Consultant about the various ways to plan for retirement. This can be very useful for couples as we can highlight some of the common areas for consideration, and can tailor our advice to your specific circumstances leaving you and your partner to enjoy retirement without the worry and stress that many couples face today.

As well as planning your estate and a comprehensive Will writing service, we can help you plan for your future. Below is a brief guide to some of the ways we assist people when retiring.

Will Writing & Review Service for Retiring Couples

If you don’t already have a Will in place, or if it has been some time since it was reviewed last (we recommend every four to five years) it would be highly advisable to do so.

A popular Will for couples is the Mirror Will. A Mirror Will is one of two Wills, created for someone who is either married, in a civil partnership or cohabiting and want both Wills to be similarly drawn up. This will protect each other if one or both should die, and also protect any children. Although partners living together can just as easily have two separate Wills, making a Mirror Will can give reassurance to partners, especially in today’s more complex modern family setups, where the absence of a Will could mean your children or partner will not benefit from your estate. See our information page on Mirror Wills to find out more.

Trusts

For most people, retirement should bring contentment and the knowledge that your affairs are all in order, so that you can enjoy this time with complete peace of mind. We can help you to ensure your assets are protected from third party intervention, so you can provide for a spouse or future generations in times to come. The use of trusts has become a popular method for resolving these issues.

Along with the use of Trusts it can often be beneficial to change the legal or beneficial ownership of property and assets in your estate either for estate or tax planning purposes or to simply clarify the intended legal position in respect of a beneficial interest in the property. This can be achieved in your lifetime by transferring the legal title of a property or asset or by producing a declaration of Trust over the asset to protect a beneficial interest.

Trusts can be a useful way for you to offer increased protection for your family. You should consider creating a Trust if:

  • You have children from a previous relationship
  • You want to protect your estate from being assessed for care costs
  • You want to look after the interests of a vulnerable or disabled person after you die

A Trust is a legal arrangement that makes someone responsible for assets or property for the benefit of someone else. A Trust can be included as part of your Will or in a Trust Deed and can set up for use either during lifetime or after death.

One of the most common purposes of the Trust is for partners who are looking to split ownership on the family home so that each partner has a half-share. Rather than leaving this to each other, they leave their share to a Trust, which comes into effect on the death of the first partner. This is a common set up for couples with children from a previous relationship, plus many other scenarios.

Other Types of Trust

There are many types of Trusts, which can be set up for many different reasons. A Trust may be created for the financial benefit of the person creating the Trust, a surviving spouse or child, a person with special needs, or a vulnerable person, or for a charitable purpose.

As well as providing a professional Trust drafting service for Asset Protection Trusts we also supply a complete range of Trust documents to suit all circumstances including, but not limited to, Settlor Excluded Trusts used for inheritance tax planning, Life Interest Trusts, Pilot Trusts, Personal Injury Trusts and Trusts for vulnerable or disabled beneficiaries. Choosing the right type of Trust for you and your partner is crucial for estate, tax and retirement planning purposes. Speak to one our experienced Trust & Estate Planning Consultants to see how we can help you.

Lasting Power of Attorney (LPA)

If you lose mental capacity without a power of attorney set up, your loved ones will need to apply through court for a deputyship order to make decisions for you, something that is often a long and expensive process. By nominating an attorney, you can choose someone you can trust to take care of your affairs, and you can have peace of mind in the knowledge that your wishes and best interests will be taken care of.

A Lasting Power of Attorney is a legal document stating the authority given by one person to another to take care of their personal affairs and/or welfare. This can include making financial decisions, paying bills, making decisions about their home and property as well as making treatment and care decisions. In the absence of a power of attorney and in the event that you are unable to make decisions for yourself, your loved ones would have to apply for a deputyship order through the court. You will also not have any say as to who applies for the deputyship order. Putting a power of attorney in place in advance of a situation where you are unable to make decisions for yourself, can give assurance that your affairs and welfare will be looked after by someone you trust.

There are two types of power of attorney arrangements to consider; one for health and welfare, and another for property and finance. A Health and Welfare Lasting Power of Attorney allows your appointed attorney(s) to make decisions on healthcare and medical treatments as well as care such as nursing home choices and can consent or refuse treatment on your behalf, giving you the opportunity to have a degree of control over your future care where you are not able to make decisions yourself.

A Property and Financial Affairs Lasting Power of Attorney gives your chosen attorney(s) the authority to deal with your finances and property matter. The attorney is under obligation only to act in your best interests at all times, and various safeguards exist to ensure this. For more information, see our Lasting Power of Attorney page.

Testimonials

Very helpful, courteous and efficient - just what I wanted I did not want to be talked down to, or told what to do - and they were just what I was looking for - professional and efficient

David Blake, Feb 11 2017

The team at legacy wills have been very helpful and extremely courteous when talking through the full process with me. Would highly recommend.

Miss Jane Adiller, November 3

I found the advisor extremely helpful, explaining clearly any points which I was unsure about. I received my Will some days later and was pleased that the company followed up to check that I was happy with it. I did not feel pressured in any way and I would recommend this company to anyone wishing for a straightforward and efficient service.

Linda Leary, November 3

Legacy wills explained every step very clearly and anything you forgot to ask they encouraged you to contact them, they also made you feel that no question was to big or small they would always find the answer.

Juliet Patricia, December 3

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