Whenever we spot a new wrinkle or grey hair, we often pause for a moment and consider how the years are rolling by. Most of us at some point will also worry about how our health might deteriorate in our later years.
In a recent study by a national law firm, 75% of respondents said they worried about getting older and 70% were specifically concerned about developing dementia. Surprisingly, despite these worries, only 5% had made plans to deal with such an eventuality.
When someone develops an illness such as dementia, or is involved in an accident that takes away their capacity to make decisions for themselves, someone else needs to make decisions for them. But nobody has the automatic right to do so. Neither your partner nor your children nor your closest friends and relatives can, unless you have specifically given them permission in advance in the form of a Lasting Power of Attorney (LPA).
An LPA can only be made while you have the mental capacity to do so. If you lose capacity to make your own decisions and there is no LPA in place, your loved ones will need to apply to the Court of Protection to appoint a deputy to make your decisions for you. They can apply to be appointed as your deputy, but it will be the court that makes this decision rather than you.
It costs £82 to register an LPA with the Office of the Public Guardian.
On the other hand, the costs for setting up a deputy via the Court of Protection are more expensive. The application fee is £400 for each type of deputyship: health/welfare and property/financial affairs. An appeal, if required, is another £400 and if the court decides a hearing is required, that’s a further £500. In addition, there is an assessment fee of £100 for new deputies and an annual supervision fee.
No-one likes to consider what may befall them in the future. It’s a much easier job to plan for though if done in advance. The financial and emotional cost for your family to deal with it after the event can be significant. Perhaps most importantly of all, LPAs allow the individual concerned to document their wishes around what happens to them at a later date and decide who will make those decisions on their behalf.
For help preparing an LPA, please call legalmatters on 01243 216900 or email us at email@example.com.
When the UK made the decision to depart the European Union last year, the actual departure seemed a long way off. Although the thought of leaving loomed, the process of exiting was thought of as distant – simply another thing for politicians to worry about.
As we begin to enter the negotiations, however, it seems that the ‘keep calm and carry on’ attitude is faltering, especially among retirees.
According to recent research, 14% of those who have retired are worried about the impact of Brexit on their pension, with 19% saying they are now much more likely to seek financial advice.
Although market volatility was almost certain in the initial aftermath of the referendum, most believed that the markets would calm after the storm. However, retirees believe that the clouds haven’t cleared just yet; over one in four predict that any negative impact on their pension will be for the long-term.
It’s obvious that people are worried about the consequences of leaving the EU, but some have gone further than just expressing their concern. Due to Brexit anxieties, just over one in ten of those who had made plans to retire in 2017 have actively postponed their retirement, with 6% even changing the country that they planned on retiring to.
Having looked at these figures, you might be under the impression that just about everyone is worried about the impact of Brexit on their pension. It is though important to balance the numbers of those who are concerned, against those who are less so. In fact, the figures show the majority of people (67%) felt their retirement plans had not been affected by Brexit at all. One in eight even thought that leaving the EU would impact their pensions in a positive way.
Retirement expert at Prudential, Kirsty Anderson, commented on the concerns of retirees, as well as the importance of seeking advice:
“As you would expect, for many people who have been planning and saving for their retirement for most of their working lives, even the biggest of political upheavals won’t make a difference to their long-term plans. But with one in three new retirees telling us that their retirement plans have been affected by the referendum result, it is clear that uncertainty is having an impact for some.”
Although worrying is a natural reaction to being unsure about something, it’s rarely helpful. Rather than providing an answer, it just allows the concern to escalate and often causes us to worry even more. It might be impossible to know how Brexit will affect you exactly, but adequate planning will at least make your financial future a little more certain.
As well as guiding you through the process, talking to an expert at legalmatters can help clear up any concerns you may have. Be more certain about your future by speaking to one of our professional team today – call us on 01243 216900 or email us at firstname.lastname@example.org.
At breakfast this morning, a woman said to her husband: “My memory is getting really poor, I went upstairs yesterday to get something and by the time I got to the top of the stairs I had forgotten what I was going for.”
The husband said: “How bad is your memory?”
She responded: “Sorry, what were we talking about?”
Old jokes are always the best, but early signs of a loss of memory are an uncomfortable reminder of the aging process and certainly no joke. Some of us will inevitably get dementia or other debilitating conditions that could result in the loss of mental capacity.
Do you know you what happens if you or your partner becomes unable to make decisions for themselves due to old-age memory issues or dementia? Potentially you can find yourself in a position where you cannot pay for services or make decisions, without lawyers and something called the Court of Protection) being involved. It’s an expensive and long-winded process. That is, unless you have written a legal document called a Lasting Power of Attorney (LPA) in advance of your loss of mental capacity.
The Citizens Advice Bureau website says:
“You should make an LPA if you have been diagnosed with, or think you might develop, an illness which might prevent you from making decisions for yourself at some time in the future.
“The kinds of illness which might prevent you from making decisions for yourself include:
- mental health problems
- brain injury
- alcohol or drug misuse
- the side-effects of medical treatment
- any other illness or disability.
“You must make an LPA whilst you are still capable of making decisions for yourself. This is called having mental capacity”
At legalmatters, we are experts in writing Lasting Powers of Attorney and talking you through the pitfalls. Whilst no one wants to think about the potential of problems in later life, writing an LPA could save you and your family considerable cost and grief in the not too distant future.
Call us today on 01243 216900 or email us at email@example.com for a no obligation discussion about these issues.
According to Age UK, each winter one person dies needlessly every seven minutes. It doesn’t have to be this way. There are steps we can all take to help our elderly relatives though the cold months, when they are at their most vulnerable.
Call or visit them
When the weather turns particularly cold, elderly people are less likely to leave the house. This may cut them off from human contact, leaving them lonely. If they are unable to get out and about, try to call on them – it will raise their spirits and leave them feeling less isolated.
Cook them a meal
It’s also a really good idea to share a meal with them where possible. This has a couple of benefits – for a start, you know that they will have eaten something decent and warm that day, which is extremely important. You will also be providing them with company and companionship, which is vital to keep their spirits up as the temperature falls.
Help with the shopping and any prescriptions
If they are stuck inside, then see if you can help with their food shopping. Ensure that they have a decent supply of all of the essentials.
You might also help pick up any medical prescriptions they may have, or find out if their local pharmacy has a delivery service they can sign up for.
Protect them from falls
When the weather turns cold, their steps and the pavement around their home may turn icy. Take round a mixture of salt and sand to put down in icy weather. Speak to your council first – some provide free bags of the mix. Alternatively, head down to a hardware store where you should be able to pick some up.
Turn up their heating
Low temperatures increase the risk of flu and other respiratory problems, and can also raise blood pressure. Ensure their main living room is heated to 21°C, and the rest of the house heated to at least 18°C.
Ensure plans are in place
Making sure your elderly relatives have a valid will and lasting powers of attorney (LPAs) in place to help with decision making is crucial, not only to ensure their wishes are taken care of, but to relieve the burden they may have in worrying about the future.
If you would like help with estate planning for an elderly relative, please call 01243 216900 or email us at firstname.lastname@example.org.