How to Plan For Illness and Old Age

Although it may seem like years away, good planning is key to managing the future of you and your family. Your older years should be stress-free and relaxing, however, if you don’t take control of you affairs this might not be the case. 

Here are some top tips and important things to consider when planning for illness and old age.

Will writing

If you don’t have a will already it’s never too soon to get your assets in order. Without a will, you have no control over who gains possession of your assets once you’ve passed away. Not only can this be very stressful for your family, but you may not be able to provide the financial support you want to if having got a legally binding agreement in the form of a will.

Power of attorney

If illness means that you are no longer able to make decisions on your own, a power of attorney means you can appoint someone you trust to handle your finances and care - this means that they have the power to speak to your bank and other third parties. They will also act in your best interests when it comes to your future health and social needs.

Long-term care

Of course, your loved ones will ensure that you receive the best care if you become ill or require additional care. However, this is not always financial possible so planning for long-term care is a good idea. If you are concerned about funding this, seek advice from a solicitor or financial advisor who can help.

Funeral plans

It may be difficult to think about but planning your funeral is a practical step that can make things a lot easier for your family. If you have a will, include these details and set money aside to cover the costs. Pre-paid funeral plans are also another option to consider. 

At Smalleys Solicitors in Nottingham, our experienced law team can help with lifetime planning so you can feel comfortable and secure about your future. We also have specialist teams that focus on wills and power of attorney, so you can get the best advice for your situation. Get in touch with us today for more information.