Later life planning

Not sure how you’ll fund your future?

Making a plan to take control of your finances today can help you avoid financial stress tomorrow, maintain independence and meet any challenges as they arrive. And you don’t need to do it alone.

Later life planning and Estate planning can remain on your ‘to do’ list for years… until it becomes too late. A financial adviser can support you as you plan for later life, and help you answer the questions you have about your future.

  • How long will my money last?
  • Can I afford the retirement lifestyle I want?
  • Who will look after my estate if I need to go into care?
  • What legacy can I leave my children?
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Inheritance tax planning

We pay tax on our income. We pay tax on what we spend. You may need to pay Inheritance tax – but you don’t need to pay more than you have to. A financial adviser may be able to show you how to reduce your IHT bill, ensuring that your legacy goes to your loved ones, and not the taxman.

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Lasting Powers of Attorney (LPA)

Making a LPA isn’t just about getting older, or protecting yourself against terminal illnesses. You can appoint a friend or family member to help if you find it difficult to manage your accounts, or need someone to act on your behalf.

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Do you have a Will? Is it up to date? As your circumstances change, you may need to update your Will and estate planning so that it includes how you want your assets to be distributed, and who you want to manage this. You may need to consider business succession.

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Lifetime trusts

Trusts allow others to benefit from assets without being the legal owner. There are many different types, with different uses. Lifetime trusts can be used to place conditions on how assets can be used, or enjoy watching your loved ones benefit from your legacy during your lifetime.

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Have you written your Will?

We’ve teamed up with Private Client Online to help you with your estate planning. Enter your instructions on their simple to use step-by-step online portal, and receive a professionally drafted Will from their solicitors.
Wren Sterling clients also receive a 20% discount.

Why is later life planning important to do now?

Later life planning isn’t something to be rushed. It’s better to spend time planning your future now, while you are able to, to avoid stress later on. Planning for later life now can give you greater control in the future:

  • 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.

Your Later Life Financial Planning

Whether you’re looking to prepare your own finances (or support a friend or family member) talking to a Wren Sterling adviser can help. When you’re making important decisions that can affect the rest of your life, you can get support from the experts when setting out later life financial planning.