Retirement Planning – Legal advice for the fun years!
Retirement, after years of work, should be fun. You should try and do some of the things you dreamed of doing all your life. It is perhaps also a time to be a bit naughty, have a spend, visit a place in the sun or take a cruise for weeks on end. Yes, it is the preliminary to the arrival of old age, but that said you are only as old as you feel, and there is plenty of evidence that there is a lot of truth in this. It is very noticeable that the more physically and mentally active you are the less likely you are to suffer from common symptoms of ageing.
As we get older and despite our best efforts, we do actually become frailer and there is a tendency for our memory and mental agility to gradually decline. Sadly, a bit like death and taxes, this is an inevitable part of life. At Herrington Carmichael, we have many years of experience helping people (who are facing the joys of retirement and the subsequent process of ageing) to plan for the future. Whilst one may not wish to think about this, the fact remains that, planning in advance is always far better than putting everything off, as there’s always a danger that if you put things off, you will miss the boat.
What should I be looking to do?
I write as someone heading for retirement myself or the onset of old age – what should we be thinking about? Assuming you have got your finances in order, the next thing to think about is generally inheritance tax planning. Some people think that you should be doing this from the age of about 40, but for most of us, that is premature. However, we would always recommend anybody who has reached retirement age, to spend a little time thinking about whether or not they have an inheritance tax problem and if so what steps should be taken to mitigate tax.
Then there’s the issue of your will. In the ideal world, you have made a will many years ago, but it is something that needs to be reviewed periodically and kept up-to-date with your circumstances; failure to do this can result in all sorts of problems for your family and relatives. This is particularly important for anybody who is single or in a relationship with another person to whom they are not married.
Next on the list is power of attorney. You may never want to delegate responsibility for your affairs to somebody else, but many of us find it is very useful. It covers the situation when you are temporarily indisposed (either on that long promised hike to Machu Pichu, or hospitalised by illness), and the longer term situation, if you actually ceased to be able to manage your affairs or to make rational decisions. Sadly for a few of us, loss of mental capacity can arrive unexpectedly. It might happen if you have a serious accident, or a stroke, meaning it’s not possible to create a lasting power of attorney. In those circumstances, it may be necessary to think about using the Court of Protection, which is part of the High Court designed to assist people who have lost capacity. As well as advising on all other parts of the law relating to the older client, we do have specialists dealing with Court of Protection.
For those with a small or scattered family, there is also the Herrington Carmichael Trust Corporation, which is able to take on acting as your Attorney, Executors or Trustee thereby sparing you of the worry of what is to happen if there is no one available to take on these tasks.
Lastly, there is the sad inevitability of death and the requirements of dealing with the administration of estates, frequently a complex and daunting exercise.
The Herrington Carmichael Private Wealth team has well over a century’s worth of accumulated experience in all the above topics, which we are able to approach with sympathy and where necessary a degree of good humour.
For further advice or to arrange an appointment please contact a member of the Private Client team.
This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to a particular matter.
Consultant, Private Wealth & Inheritance
Enter your email address for legal updates on Private Client & Family Law.
Make a will online
If you would like to start the process of making a will. Fill in our will questionnaire and submit the form by email to our specialist team. We can then create a will tailored for you from the details you provide.
I am going to inherit some money…what do I do?
Charitable Trustees should seek to maximise the return on their investments; except where the investment is in explicit conflict with the Charity’s purposes.
Q&A: Understanding Power of Attorney
By having a Lasting Power of Attorney (LPA) in place, it allows you to appoint one or two close friends or relatives to make decisions.
What happens to My Bitcoins when I die?
The lack of a central registry means that without having direct access to the virtual wallet valuing and indeed paying any tax due becomes impossible.
Top Legal Insights
Material Breach of Contract
What is a ‘material’ breach of contract by a party to a commercial contract? This is a critical issue regularly considered by the courts. What constitutes a material breach and what are the remedies?
Commercial Lease: The Financial impact on Landlord and Tenant
Coronavirus (COVID-19) and the restrictions now in place to control its spread, are having a significant effect on many business sectors.
Divorce and Family Law
Divorce in Lockdown: Can I get some discreet legal advice?
We have spoken to clients who are unfortunately experiencing some family issues, and would like to obtain expert legal advice, yet don’t know how...
Land & Property Dispute
Restrictive Covenants – The Price of Modification
Having identified that your land is burdened by a restrictive covenant and for the purposes of this article the covenant in question will be that only one residential building can be erected on the land. What do you do next?
Award winning legal advice
Herrington Carmichael offers legal advice to UK and International businesses as well as individuals and families. Rated as a ‘Leading Firm 2023’ by the legal directory Legal 500 and listed in The Times ‘Best Law Firms 2023’. Herrington Carmichael has offices in London, Camberley, Reading, Ascot and Wokingham.
60 St Martins Lane, Covent Garden, London WC2N 4JS
Building 2 Watchmoor Park, Riverside Way, Camberley, Surrey GU15 3YL
Wokingham (Appointment only)
4 The Courtyard, Denmark Street, Wokingham, Berkshire RG40 2AZ
© 2020 Herrington Carmichael LLP. Registered in England and Wales company number OC322293.
Herrington Carmichael LLP is authorised and regulated by the Solicitors Regulation Authority.
Privacy | Legal Notices, T&Cs, Complaints Resolution | Cookies | Client Feedback