Estate planning is an important part of your financial plan. Not only does it ensure your assets are passed on to who you wish and considers areas like Inheritance Tax (IHT), but it could provide you with peace of mind about your future too.
Over the last few months, you’ve read about why estate planning matters, how to decide who to pass on assets to, and when you need to create a plan for IHT. Now, read on to find out what steps you could take to improve your own financial security in your later years.
While these three areas can be difficult to think about, they could safeguard your future.
1. Create a care plan
There are many reasons why someone may need care or additional support in later life, and it can take many different forms. Carehome estimates that almost half a million people live in care homes in the UK. Others may have care services provided in their home.
A care plan can help you set out what your preferences would be. For example, would you want to remain in your own home if possible? Is there a care home you’d prefer because of the facilities it provides or the location means it’s accessible for your family?
In many cases, if you need support, you will be liable to pay for at least a proportion of the costs. So, creating a care plan should also include how you would pay for care.
Carehome research suggests the average weekly cost of living in a residential car