In this month’s financial planning advice, we look at how retirees are helping families during their lifetime, rather than traditionally passing wealth to families after their death. When you planned to retire, did your plans look like this?
It is crucial to plan ahead for your care fees in retirement, as the cost of any kind of care – whether it’s care at home or residential care – is expensive. There are lots of considerations to make to ensure you make the correct choice.
Care
A lasting power of attorney (LPA) is the main estate planning document to protect you whilst you are alive. It’s a document created by an individual to appoint a person of their choice to look after their affairs at a later point in life (attorney). This could be due to the fact that they no longer wish to make these decisions themselves, or it could be that they lack the capacity to due to ill health.
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