Financial planning is really important and can help you throughout your life. It becomes even more important as we get older and we gain assets. In this blog, we’re looking into financial planning for later life and the services available through Regenerage.
Throughout this blog, we will reference financial planning services. We always recommend that you speak to a suitably qualified financial adviser before you take any action. They will speak with you and assess your current financial situation before making personalised suggestions for you and your future.
Why should I consider financial planning?
Financial planning is crucial because it enables you to remain financially independent for longer. As we age, we may begin struggling with memory loss, and therefore, it may be more suitable for someone else to support you with your finances. This should only be done by a family member or someone that you wholeheartedly trust.
Financial independence impacts us in many ways, such as allowing us to gain freedom and remain confident with money.
Additionally, financial planning also helps to ensure that your family members remain financially secure if anything were to happen to you, although this must be outlined correctly and legally.
If a person passes without a will, their assets may not be distributed according to their wishes, which can be disheartening and cause issues within families and with legal bodies. We’re here to support you with a comprehensive later-life financial plan.
Regenerage’s financial planning and support services
At Regenerage, our trusted partners provide a wide range of financial planning and support services to help take the headache out of the process for you. All of our services are designed to help older people to live and age well.
Will writing services
Passing without a will in place can lead to many issues for your family. In England and Wales, if a person passes away without a will, their assets are distributed in accordance with the Rules of Intestacy.
The person’s spouse and children will be the first to inherit assets. If they cannot inherit, the assets go to parents, then siblings, other relatives and then the Crown as ‘bona vacantia’.
This highlights how important it is to have a will in place. Regenerage has partnered with Farleys Solicitors to offer trusted Will-writing services for those who require them. Will writing can be considered by anyone who is mentally sound and over the age of 18. It is recommended to create a Will, regardless of age.
Wills are used to protect your wishes and your loved ones. It’s a good idea to have a Will in place early, as it can help to reduce stress later in life.
Solicitors can work with you to understand your requirements and ensure that the Will meets the needs of you and your family. It’s also worth noting that your Will should be updated regularly, for example, following life events, such as marriage, divorce, having children or purchasing property.
Lasting Power of Attorney
A Lasting Power of Attorney is a document that allows a person you select to manage your finances for you. They are often chosen by people who no longer believe they have the mental capacity to perform these activities.
A Lasting Power of Attorney should only ever be given to someone that you trust. Without this in place, your family may need to go to court, causing stress and additional costs.
We work alongside Farleys Solicitors, who will guide you through the LPA application and registration processes.
Equity release
Equity releases are often used by people who want to access the value of their property, which has experienced a significant increase since they purchased it. They are becoming more common as individuals are spending more to live, and income is often used for bills and day-to-day survival.
Equity release may be used for a number of reasons, including home improvements, a new car, mortgage repayments, gifting, inheritance planning or something else.
It’s really important to work alongside a trusted provider for equity release. Regenerage has been recommending customers to work with Ian from 55 Plus for over 15 years. Ian is an independent advisor and has won ‘Best Equity Release Adviser of the Year’ at the British Mortgage Awards multiple times.
Retirement and care fees planning
Planning for retirement is vital and can help to save you and your family from unnecessary stress in the future. Retirement planning can begin at any age, and the benefit to planning early is that you can have more time to make adjustments.
We work alongside LFP Consultants Ltd, who support clients with the retirement planning process. They help you calculate how much money you will need to retire and when you may be able to. They will also consider your savings and how you can maximise these to support you and your family in the future.
Inheritance tax planning and protecting assets
Protecting your assets is really important. Assets can include property, a family home, items you own or businesses you have built. We work closely with LFP Consultants Ltd, who provide support and guidance for all aspects of inheritance tax and asset protection.
They provide guidance on inheritance tax allowances, gifting, trusts, pensions, life assurance and alternative solutions which are tax efficient. Ensure that you are aware of the regulations in place by your pension provider regarding a pension beneficiary. Some pensions may enable annuity or flexible drawdown. Some people have more than one pension, which is also important to consider.
You should also consider a life insurance policy, but always consult with trusted financial planners.
Our providers are here to listen and make suggestions based on your personal circumstances and remaining pension savings. They can equip you with the knowledge to make your own investment decisions and promote financial security in later life. You may also begin researching a suitable funeral plan provider or seek additional financial advice from our later life advisers.
Our latest feature for life planning
Regenerage was proud that our Middlebrook Charity Superstore was the recent location for filming by ITV Tonight.
‘All in Order: Time to Sort Your Affairs?’ was filmed in our store, where customers were asked to share more about their financial planning processes.
You can watch the episode on ITVX here.
Are you searching for financial planning and support services? Then look no further. At Regenerage, we are passionate about helping people to live and age well. Select from one of our trusted partners for your financial needs. Need further information on later life planning? Contact us and we will be happy to help.
