Many of us avoid later life planning. While we want to remove uncertainty about our futures, it can be difficult to talk about, especially with our loved ones. Estate planning can remain on your ‘to do’ list for years… until it becomes too late.

Setting out a plan for later life can prevent stress later on. And you don’t need to do it alone. A financial adviser can support you through this process and help you answer the tough questions about your future – such as ‘how long will my current provisions last?’, ‘can I afford the lifestyle I want?’, ‘what kind of legacy can I leave my children?’ and ‘what will happen if I can’t make decisions about my care?’.

Whether you’re looking to prepare your own finances (or support a friend or family member) talking to a Wren Sterling adviser can help.

Why is later life planning important to do now?

Later life planning is not something to be rushed. It’s better to spend time planning your future now, while you are able to, to avoid stress later on. Think about what arranging your estate planning now achieves:

• You decide on the choice of beneficiaries If you do not set out in a will whom you wish to benefit from your estate, then the state will do it for you. The results are not always what you would expect and can create unnecessary tax liabilities.
• You decide what goes to whom You might want to leave a particular item to a particular person. Without estate planning, those wishes may not become reality.
• You decide the structure Leave it to the state to distribute your wealth and normally anyone aged 18 or over will receive their inheritance outright. In some families, that will not be an issue, but in others placing some constraints on how an inheritance is handled could be essential.