Do you want to live to 100? Your 100th birthday may seem a long way off or even an unlikely outcome, but with a third of babies born today expected to live to 100 and beyond it’s vital to be prepared for this milestone.
Living to 100 is definitely worth celebrating but there are also a lot of things you should be prepared for, including the practical and financial consequences of living for a century. Planning for your wellbeing, today, will give you the peace of mind that you, your family and your finances will be looked after in the future.
An estimated 500,000 of us are set to become centenarians by 2050, according to the Office for National Statistics. If you’re one of them, will you be prepared?
Matters To Consider
There are numerous consequences of living for 100 or more years, so it’s important you start planning now. If you’re prepared for this big birthday, you’ll enjoy it all the more – and ensure you and your loved ones are taken care of before and afterwards, also.
Personal Matters
You can make legally-binding decisions now for the future, in the form of a living will or through a Lasting Power of Attorney. These decisions enable you to choose how you spend your final days, including the treatment you receive and where you want to die, be it at home or in a hospice.
Legal Matters
By appointing a Lasting Power of Attorney, loved ones will be able to make decisions for you if you become mentally unable to do so in the future. This can include your health, welfare and financial situation, and makes it much easier for loved ones to take care of you and carry out decisions on your behalf – otherwise, without one, your family would have to apply to the Court of Protection to decide who should make these important decisions for you, which involves costs and stress at an already stressful time.
Financial Matters
As most of us retire in our 60s, living to 100 means there will be a lot of retirement years. How will you fund these years? As well as planning for your lifestyle during these lengthy post-work years, you may want to support family members such as grandchildren too, so it’s worth taking the time to plan your finances.
Tax is an important part of the planning. Monetary gifts to loved ones may not be subject to inheritance tax if you survive for a further seven years, and this is on top of your annual personal allowance for tax free gifts. These inheritance tax allowances can make a big difference to the lives of family members so it’s vital you seek professional advice for planning your retirement – for you and your loved ones’ benefit.
As a result of living longer, more of us will need professional care in the future. There are steps you can take now to protect your home so you can pass it onto your children and ensure it isn’t used to pay for your care fees. There are many different things to think about when planning for your finances in the future, but doing so ensures you’ll be looked after, as will your family, and in the most tax-efficient way.
Will Matters
A will ensures your wishes are carried out and loved ones cared for after you’ve gone. Living to 100 may mean living a more complicated life, such as remarrying or living with a different partner. This can increase the risk of inheritance disputes and dying without a will means your estate is divided according to the rules of intestacy rather than your wishes. By writing a will, you also have control over your funeral arrangements as well as other important matters such as what happens to your pets after you’ve gone, as all these can be detailed within the will.
With so many things to consider, why not prepare yourself today for your 100th birthday in the future? This way, you’ll make all the consequences of becoming a centenarian much easier for all and give yourself the peace of mind to really enjoy life without the worry of how you’re going to take care of yourself and loved ones as you grow older.
For professional advice regarding your situation and to start planning for your later years, please contact our solicitors on 0800 988 3674 or email advice@bartletts.co.uk
