If you have dependents and you want your estate to be taken care of according to your wishes and ensure your family be taken care of in the right way, you will have to start planning for the later stages of your life early – now is the best time.
It’s not the most pleasant thing to have to think about, but it’s best thought out comprehensively and early on before it’s too late – there may come a time later in life where you are incapacitated and cannot make such serious decisions.
This short article aims to give you some tips on planning these stages, from your retirement to the probate of your estate.
Plan early on
Start planning your retirement a good few years in advance. It always helps to have a goal that you can work towards. You should inform your family of your plans, too, so they can plan accordingly. You can get professional help with this, like legal services from the Co-Op.
Setting up your retirement income is time-consuming, so it’s worth starting to plan how to move from your salary to annuity early. Also, it’s worth remembering that your pension company will only act after you’ve instructed them to do so.
You might also want to think about the debts you owe as well. You need to plan so that you will have enough money to pay them off, either in retirement or after you’ve passed away, so that there is still enough money to be distributed to your beneficiaries.
Make a draft of your will
This seems intimidating, as it makes you confront your own mortality. But you have to see it from the perspective of your family, and the care that you will bestow upon them in the future with what you are leaving behind.
Start early, so you can take time to think about who will benefit from what you have. After this, you must start thinking about who to name as your legal representative to distribute your estate.
Choosing your legal representative
This is quite important. It can be someone you know personally or through your family; however, it is highly advised that you go with someone like a solicitor who knows the law and has experience in distributing people’s estates.
You must choose wisely. For instance, don’t choose a solicitor whose chances of outliving you are slim. You must choose someone who has a good chance of outliving you long enough to take care of your estate, as well as someone who has the necessary experience to deal with probating your estate.