Tag Archive: retirement

1. Top Tips for a Peaceful Retirement

   28th October 2019 9:46 am Leave a Comment

   After a lifetime of dedicating yourself to your loved ones, your career and your passions, retirement is the time you can finally reap the benefits of all of your hard work and properly experience the culmination of a lifetime of planning.

   However, the prospect of such a huge lifestyle change doesn’t spark excitement in all, and uncertainty about what the future might hold can be stressful. The best way to alleviate some of that confusion surrounding the future is to continue planning for it, and this includes making a will.

   As you’ve made sound choices to build and protect your savings and assets throughout your working life, it’s important to continue protecting those assets for your loved ones and yourself.

   The leading wills and probate lawyers from DRN’s branches in Burnley, Colne and Ramsbottom have provided some expert advice and compiled a short guide to help you plan the support for your family when you’re no longer around.

    

   Enlist the expert support of a wills and probate lawyer 

   Whilst it is possible to create a will yourself, the process can be complex and mistakes are fairly easy to make if you’ve never done it before. With many DIY wills, important information is often accidentally left out and, in a worst-case scenario, this can mean that your beneficiaries do not receive what you wish for them. They could even be made liable to pay for fees or taxes in your name.

   Working with a qualified solicitor when drafting your will give you coverage by the official Solicitors’ Regulation Authority. On top of securing your will, they will be able to offer you expert advice on a range of topics, including providing details on your inheritance tax allowance, enabling you to make informed decisions now to aid your loved ones in the future.

    

   Choose Executors and Powers of Attorney wisely 

   The executor of your will will be in charge of exercising your wishes and managing your assets after you’re gone. Selecting your executor is a big decision, and with them holding so much responsibility it’s important that you invest in someone you can trust. Before making your decision, it’s also a good idea to talk through your plans and ensure that they know what the role will entail.

   One of the most common myths surrounding legal decision-making is that your next of kin will be able to make decisions on your behalf should you lack the capacity to do so yourself. Sadly, this is not the case. No one person is able to act on your behalf unless they are legally authorised to do so, whether this is to do with your assets or your health.

   Making sure a Lasting Power of Attorney is in place as early as possible is the safest way to ensure your wishes are adhered to by people that you trust. It can take around 12 weeks for an LPA registration to be authorised, so it’s a good idea to get it secured as soon as possible to avoid facing stresses when the time comes to needing it.

    

   Review your decisions regularly

   It’s important to remember that the decisions outlined in your will aren’t set in stone – you are entitled to change your mind. Review your choices as often as you see fit, and don’t be afraid to speak up if some of those decisions shift and change.

   Having your will and executors secured before you reach retirement will give you peace of mind, allowing you to enjoy your time as a retiree as fully as possible. Whilst it’s often a difficult discussion, it’s important to have the conversation with family and loved ones about your wishes after death. Taking the time to think about how you can continue to protect those closest to you can make a big difference to their futures, and initiating that conversation is a necessary, but ultimately very positive, step.

    

   The will and probate team here at DRN have years of legal experience and are on-hand to guide you through the whole process of writing your will.

   Contact us today on 01282 433 241 to find out more about how we can ensure your wishes are met after you’re gone.

    

2. When Can a Care Home Contract Be Contested?

   12th July 2019 11:05 am Leave a Comment

   Before choosing a care home, you’ll look at all the factors that will impact on your loved one’s quality of life. 

    

   What can often be left by the wayside is the important matter of contracts. Unfortunately overlooking these important documents can lead to issues further down the line.

    

   At DRN, we strongly advise you to seek professional advice when faced with a care home contract to ensure they have the individual’s best interests at heart.

    

   Our Private Law Team is trained and experienced in contract redrafting. You might not have the time or the headspace to work through a complicated care home contract at the moment you need to.

    

   INFORMATION YOU MUST BE PROVIDED WITH

   Care homes should share with you specific key information as soon as you make first contact with them.

   This information should include details on the types of funding it accepts, its fees and any required upfront charges.

    

   HOW TO CONTEST UNFAIR CARE HOME CONTRACTS

   However you are receiving information from your chosen care home or homes, the details should be clear, easy to understand, fair and transparent.

    

   It is possible to contest an unfair care home contract, however, it is our advice to take professional legal guidance before entering into any long term contract.

    

   A solicitor will work to ensure you and your loved one gains the most from a care home situation. Talk to our friendly, understanding team today to find out how we can help you negotiate the best possible contract for your care home needs.

3. Got a Pension? You Need an LPA.

   19th December 2018 10:17 am Leave a Comment

   Long retirements offer so much freedom, and longer lives are helping to contribute to the stretching out of our golden years in the UK. But where some retirees are reaping the rewards of wise investments and sound financial advice, many people are unsure of the best course of action when it comes to accessing their hard-earned pensions.

   Owing to the government’s many changes to the accessibility of our private pensions, there are many retirees who are looking to take out their money early to do the things they’ve always wanted to do. While this is an exciting proposition and what many people have hoped to plan once they’ve finished working, a report published by Zurich UK has stated that around 80% of retirees are potentially facing difficulties later in life due to failing to commit a Lasting Power of Attorney.

   This simple process ensures that your money remains safe and secure, should you be unable to make these important decisions yourself at any point in the future.

   While this is an uncomfortable discussion to have, it’s incredibly important and can ensure your financial security for the coming years, no matter how your situation changes.

    

   Drawdown over annuities

   The way people are drawing out their pensions has changed. Where once annuities were the favoured method of claiming a pension, individuals are now choosing the drawdown method.

   This essentially means that managing income comes down to the individual. When complex decisions need to be made, this will also be dependent on the individual, making having a Lasting Power of Attorney or LPA even more important.

    

   Why get an LPA now?

   Organising a Lasting Power of Attorney now helps to make sure you’re ready for anything the future could hold. Here are our top reasons to make sure you’re covered by an LPA as soon as you begin drawing your pension.

    

   You will secure yours and your family’s immediate future 

   By organising an LPA now, you’re putting safeguards in place that make sure your pension is secure and protected now and in the future.

   Most people with LPAs find this peace of mind is in itself a worthwhile investment. Don’t let planning for the future become a burden.

    

   Give yourself the power to make your own decisions

   Waiting until you need an LPA can make it harder to create an agreement that suits your complex needs. Your pension is your money – don’t leave it until you might require support in making these important plans.

    

   Open up your later-life conversation

   Talking about your later life can be a difficult conversation. Don’t avoid it. Provisions for your care and security in later-life are important to set now, so that everything can be implemented as simply as possible.

   Encouraging your family to enter into these conversations with you will also help them to prepare for the future, and enable them to understand your wishes better.

   If you’d like help with setting up your own LPA or would like to talk to our specialist Wills, Probate & LPA team today at 01282 433 241. Alternatively, you can send us an on-line enquiry at drnlaw.co.uk/contact and one of our team will be in touch shortly.