Ensuring retirement doesn't cost the earth

By LBV

10 Mar 2010

Dreams of a relaxed retirement, following a lifetime of careful saving can be quickly shattered if assets have not been adequately protected against the possible need for full-time care during that retirement.

If someone requires care, but still owns assets in excess of levels set by their local authority, there may be no additional help with funding – meaning care costs can quickly start to escalate. The position may be worse still for a widow or widower, who is left owning considerable assets such as a house or financial holdings.

There are ways, of course, to plan for these outcomes and to ensure you are protected, should you need to go into care. Local authorities are, however sensitive to plans made only shortly before a person requires care. Planning for these eventualities has to be done in good time and whilst the people involved are in good health.

A good place to start is by setting up a Lasting Power of Attorney (LPA), as you may not be physically or mentally in a position to handle these matters. An LPA enables a trusted person – perhaps a family member, or trusted friend – to act on your behalf.

The appointed attorney can then take steps to protect your financial assets. Creating a Personal Welfare LPA can also be considered in case you lose capacity and need someone to ensure you receive the care you deserve. This person can talk to the local authority on your behalf and make sure that the right level of care is being provided for your needs, and can also intervene to make sure funding is correctly assessed.

Once you’ve established who will be able to act for you, you can then start to make provision for your financial affairs. It’s very important that this is something that is done while you are fit and healthy, rather than a reactive response to an illness or change in circumstances.

Property can obviously make up a large part of your personal finance assets, and it’s important to protect these for future family generations. One way to do this is to put your property into trust for your children or other dependents.

As the person establishing the trust, you state how the trust’s property and income should be used. Trustees of your choice (you will probably want to be a trustee yourself) can be appointed and must adhere to the instructions set out by you in the trust deed.

There are varying types of trusts that can protect property and financial assets for your beneficiaries, so it’s important to seek clear and practical advice about the most suitable one for your requirements.

Finally, it’s also important to consider other care options that might be appropriate for your future circumstances. It could be possible, for example, for you to receive care in your own home – again, this is something that your appointed attorney can take responsibility for, should your physical or mental capacity deteriorate.

You might feel that all of this is either a long way off, or something you’d prefer not to think about, but given the ageing population, it’s more important than ever that assets are protected well in advance and whilst you are able to do so.

Planning now could well be the key to a relaxed, fuss-free and enjoyable retirement.

Jeanette Berry, solicitor, Brabners Chaffe Street.
 

Enjoyed this? Read more from LBV

Latest news

1

Roundhouse secures approval for new £15m office and industrial scheme in Preston Momentum

Roundhouse secures approval for new £15m office and industrial scheme in Preston

25 Jul 2025

2

Homebuilder's high-performing sales advisers clinch awards Ben Garland and Julia Lorente

Homebuilder's high-performing sales advisers clinch awards

24 Jul 2025

3

Work is set to start on Multiversity project Multiversity Blackpool

Work is set to start on Multiversity project

24 Jul 2025

4

BAE Systems welcomes MOU between Republic of Turkiye and UK for purchase of Typhoon aircraft Typhoon production Warton

BAE Systems welcomes MOU between Republic of Turkiye and UK for purchase of Typhoon aircraft

23 Jul 2025

5

Assystem to double UK jobs to deliver Sizewell C EDF Assystem

Assystem to double UK jobs to deliver Sizewell C

22 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Preston Tech Connection: Buzz Word Bingo. Challenging Todays's Buzzwords In Tech
July PTC banner long updated.png.png
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Buzz Word Bingo. Challenging Todays's Buzzwords In Tech

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Advantage: AI – A Workshop for Business Leaders – August 14th
Navy--Event Tile.png.png
LBV Hub Seminars
14 Aug 2025 - 14 Aug 2025

Advantage: AI – A Workshop for Business Leaders – August 14th

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 12:00

The Business Network Central & East Lancashire
LBV Header (24).png.png
LBV Hub Networking
21 Aug 2025 - 21 Aug 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Morecambe Bay Walk
Walk.jpg.jpg
LBV Hub Awards
30 Aug 2025 - 30 Aug 2025

Morecambe Bay Walk

Arnside, CARNFORTH, LA5

09:30 - 14:00

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV 123 Online Graphic
Subscribe now

Weekly news bulletin