Growing old can seriously damage your wealth

Preparing for the future involves more than just writing a will. The right advice could help you protect what you’ve worked hard for, ensuring an inheritance for your loved ones

It’s a certainty that you won’t be around forever. You have probably made plans for your demise by writing a will – a sensible and responsible thing to do. But when the time comes and your estate passes to those you choose, what if there is nothing left?

Long-term care fees

According to the Dilnot Commission in 2010 more than 45,000 homes are sold each year to fund care, with one in 10 people (or one in five couples) shouldering care costs of at least £100,000. Your loved ones could be left with as little as £14,250 –full state funding begins when your estate is diminished to this level.

Mental incapacity

If I had a pound for every time I have heard: “I’ll make plans for this when I start feeling iffy”, I’d be writing this article from a beach in the Seychelles rather than an office in a city! Accident or illness can strike at any time and impairment of the mind shouldn’t just be associated with illnesses such as Alzheimer’s. A stroke, car accident or other unexpected event can leave any one of us unable to make decisions for ourselves.

Without an enduring or lasting power of attorney in place, a long, complex, intrusive and expensive court process awaits your loved ones to gain control of your affairs. Planning for the future requires far more than just writing a will. If you fail to plan effectively, you could be left with little to leave.

Alexander Crate is company director at Collective Legal Solutions.

For a free information pack or to arrange a home consultation contact Collective Legal Solutions, quoting reference ST03 on all enquiries.

0800 110 5221

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