When a person reaches retirement age, there is much to consider, and if ever there was a time to seek out legal advice, this would be it. It is important to make arrangements to minimise inheritance tax, and some people prefer to give a trusted family member power of attorney, which enables that person to act on their behalf with all legal matters. There are some legal firms that specialise in providing legal services for the elderly, and here are just a few of the matters they can help with.
Last Will and Testament
If a person reaches retirement age and has yet to write a Will, this is an essential step, as it ensures that the person’s estate is divided up according to their wishes. As we get older, our net worth increases, and upon retirement, it might be wise to set up a Trust to ensure the financial security of your family, and by talking to a legal expert, you will receive the best of advice and can make the right decisions. The solicitor would explain in ordinary English, the various aspects of writing a will, which include nominating an executor, whose task it would be to manage your estate in the event of your passing.
Power of Attorney
Complex legal matters can be stressful at the best of times, and as we age, it becomes more difficult to manage things, which is why many retired people select a trusted friend or family member and give them power of attorney, which allows them to act on the elderly person’s behalf. If you are getting on in years and would like to pass on the management of your affairs to another, there are experienced solicitors in Nottingham who can make all the necessary arrangements. There are various types of power of attorney arrangements, which allow a person to decide to what degree they would like their affairs managed, and this includes making decisions related to health and well-being, should the elderly become ill or suffer an injury.
This is an important part of the retirement life, and by consulting an experienced solicitor, you will always be well-informed, and with some careful planning, your assets will continue to generate revenue and be efficiently managed. Inheritance tax is something to be concerned about, and after your solicitor has explained how it works, you can discuss ways to minimise your taxation. The rules regarding inheritance tax are complex, and an experienced solicitor would know what can and cannot be done, and with your best interest at heart, your legal advisor would ensure that your estate is well protected.
We are all getting older and while the aging process doesn’t inhibit our lifestyle, things start to change when we hit retirement age, and by making the right financial decisions, you can ensure that your assets are secure and will provide for you and your family. If you would like more detailed information regarding legal services for the elderly, an online search will bring up a list of legal firms, and you can take it from there.