What does “planning for the future” mean to you?

It is fair to say that while we are all generally aware of the need to take steps to protect ourselves and also our families with regard to our long-term care and the future, it can be extremely difficult to find the time to do this – says Kelly Greig (pictured), of Irwin Mitchell.  With the best will in the world, we are entrenched in the current demands of our daily lives and so taking action in terms of how we will manage our needs in “later life” is perhaps not always our priority. 

You may have already made a Will, being mindful of the importance of making your wishes clear with regard to how your assets should be distributed after your death, which is eminently sensible and indeed, essential in providing clarity for all concerned.  It is fair to say that there is a great deal of focus upon how to protect your loved ones in the event of your own demise and rightly so.  We are keen, however, to also draw your attention to the importance of planning for your own future, during your lifetime, to ensure that you are informed with relevant information in order to enable you to plan for your retirement and beyond, to consider your choices in respect of your long-term care. 

Our own statistics show planning for care home fees is widely misunderstood. When 2,100 respondents were asked about later life planning and care homes 70% did not know the average annual cost of a care home for one person, and yet almost half felt they could ask family and friends about these fees.  

More concerning was the result that 80% of respondents were not currently saving for their own care home fees, with only 20% of that figure planning to save in the future. A big majority of the British public are very underprepared for care home fees, something which can be rectified with proper legal advice. 

The phrase “Moving into Care” could perhaps fill you with dread, but we feel strongly that it can only be positive to plan for the future by ensuring that you are in possession of the necessary facts surrounding this potentially daunting topic.  Indeed, this may already be relevant to you, if you have elderly relatives who are about to, or have already moved into care and you would like access to further information to be able to assist and support them further in this process. 

At Irwin Mitchell, we are presently launching our “Later Life “ campaign and our wealth of experience makes us well placed to advise you in relation to the myriad issues which arise when considering options for you or a loved one. 

How will you fund your care? 

The fundamental concern for many people centres upon how their care will be funded.  There are various factors to be considered here and there may well be help available to you, subject to your own personal circumstances.  We all have different physical, mental and personal healthcare needs and every individual should be assessed accordingly.  Irwin Mitchell can advise you further with regard to the options which will have personal relevance to you. 

Would you purchase a property without the benefit of legal advice? 

An issue which has generally attracted less attention is that of the contract which exists between the care home and the individual receiving the care (and, indeed, their representative, if acting under a power of attorney or as “next of kin”, which, contrary to popular belief, has no legal definition in any case).  It is astounding how readily people sign this contract, notwithstanding the binding and generally onerous relationship it serves to create.  We cannot stress enough the importance of taking legal advice prior to signing any document with the care home and to ensure that you understand their terms of business before any contractual relationship comes into existence.       

Our Later Life package entitled “Moving into Care”, provides you with a thorough overview and checklist of everything you need to consider when planning a move “into care” for either yourself or a loved one.   

We know that moving into care can be an extremely difficult and often stressful time for both the person making the transition and for family and friends.  We pride ourselves on providing an expert hand with a human touch and care about helping you to make the right decisions, both in advance of, and when, embarking upon this process.  

Irwin Mitchell Private Wealth offer unrivalled guidance and methods to support you whatever the circumstance, help you plan appropriately and make the right decisions at the right time. 

Contact Kelly Greig by email at kelly.greig@IrwinMitchell.com