Love matters in later life
Its official, Worthing has the most 100 year olds, with over 30 centenarians living in our town! With more of us living to a grand old age there has been a rise in second, third or even fourth marriages amongst pensioners.
The health benefits of marriage have been long proved, and many couples who get together in later life will have decades of happily married life ahead of them.
If you are marrying in later life you may want to consider these top 5 tips to make sure that you have your finances in order.
Before you say “I do”
- At any age there will be some practical considerations on marriage. But in later life its very likely that there will be adult children and grandchildren from one or both parties previous relationships. As marriage invalidates an existing Will it’s essential to make sure that you make a valid Will and that this reflects your wishes. If you are happy to do so, it’s a good idea to let your immediate family know your plans to avoid hurt feelings later on.
- You should also review your Power of Attorney arrangements. If you have already put this in place, are you still happy with your choice of attorney following your marriage? If you haven’t yet arranged your Power of Attorney you should put this in place to make sure that your affairs can be looked after by your chosen trusted attorney if you should lose capacity.
- Review your investments. Many older clients may have invested decades ago when their circumstances were very different. It’s important to make sure that your savings and investments continue to be suitable. Its also vital to make sure that the correct person is nominated as a beneficiary of any pensions or life policies rather than an ex spouse or partner.
- How does marriage affect your inheritance tax position? It’s important to know how marriage will affect how much inheritance tax your estate will suffer after your death. You should consider the impact of any gifts that you would like to make. Now is a good time to think about how your assets are owned and to begin estate planning.
- Finally, its vital to talk about how you would cope if one or both of you were to need care. With care home fees averaging at around £40,000 in the South East, how would you plan to afford this expense?
We can offer a free initial consultation on all financial planning topics. Please get in touch with a member of our team.