Long-term care – legal and financial concerns
Taking sound legal and financial advice is vital when it comes to making decisions about long-term care.
Assess your financial situation
By taking good advice from an independent financial advisor BEFORE you make those decisions, you can often put in place additional safeguards to protect your money, your property and your family.
You can’t transfer assets to relatives or trusts specifically to avoid paying care fees, but there may be other ways round it.
Appoint a Power of Attorney
It’s also vital to appoint a Power of Attorney – someone you trust who can manage your affairs and fight your corner if you become unable to.
By having this in place it’s much kinder to the people you love who will have to step in (sometimes very quickly) to manage your financial affairs and your welfare.
If you don’t have a Power of Attorney, the Court of Protection will appoint a ‘deputy’ to do this – and it may end up costing you a lot of money from your savings.
Update your Will
Check that your Will is up to date. You may not want to think about it now, but it’s very important and it’s the only way to may sure your specific wishes are carried out when you die.
It makes no difference to your life now but, as with Powers of Attorney, it’s much kinder to the people you love who will have to manage all the legalities and tie up all the loose ends after your death.