People are living longer and further into retirement than ever before. To make sure those years, and the futures of our families, are financially secure and as active and rewarding as possible, legal and estate planning is vitally important.
How and where will we live? Do we want to travel or even move abroad? How can we best help our children and grandchildren now, or after we're gone? How can we protect ourselves, our finances and our businesses if we become ill or start to lose capacity?
To help answer these questions, learn here about the causes and risks of predatory marriage, how and why to make a Business Lasting Power of Attorney, navigating new and exciting options for retirement living, and what to consider when adult children stay or return to live at home.
Happiness and fulfilment are important throughout life, but never more than when we're approaching retirement. We've worked hard to build our careers and grow our families; it's time to thrive and ensure the best for our businesses and our loved ones. By planning ahead, and being aware of the risks and opportunities, we can safeguard the things that are most important to us.
We are here to provide you with peace of mind when it comes to legal and estate planning in later life.
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Navigating tax and estate planning when adult children live with their parents
The number of adult children living with their parents has risen significantly in the last ten years. For some, this is due to the tough economic climate, but others may have different reasons. These may be cultural, or adult children may be carers for their parents. Whether or not the reasons for this arrangement are financial, both generations should be aware of the tax and estate considerations when planning for the future of their family home.
Loss of mental capacity: considerations from a business perspective
Increased life expectancy also brings challenges, including a rise in the number of people affected by progressive diseases, such as dementia. While loss of capacity is a difficult subject to raise, it is critical that businesses take action to protect operations and staff, as well as to support affected individuals. So, how can businesses future-proof themselves against such challenges, and what are their obligations?
The evolving landscape of retirement living
Living arrangements can have a considerable impact on your retirement plans, affecting financial security and overall well-being. The existing retirement model no longer fits the preferences and needs of those now joining this group, with multi-purpose and mixed-use rental schemes gaining popularity as more exciting, flexible and diverse housing options. What does retirement living hold for the future?
Addressing the issue of predatory marriage
Did you know that wills are automatically revoked when someone gets married? Changes in intestacy law mean that the amount someone can inherit when their spouse dies without a valid will has increased significantly in recent years. This is one of the reasons behind a concerning rise in predatory marriage – when a vulnerable person is lured into marriage by someone seeking to gain financial advantage. The Law Commission is studying potential changes to the law that may discourage such predators.
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Liz Palmer , Partner