Is there anything else I should think about now that I’ve retired?
If you haven’t yet made a signed, legally binding will, then you should consider making one as soon as possible.
Having a will may save unnecessary delay, expense and financial hardship for those you leave behind at a difficult time, but you should make sure you review it regularly.
If you’re married and die without a will, your assets won’t automatically pass to your surviving partner. The estate will be divided according to intestacy laws.
If you’re cohabiting, your partner may not be included in the people entitled to inherit from you.
Making a will is straightforward and may be done by a solicitor or other qualified person. Banks, building societies, and insurance companies also commonly offer will writing services.
Voluntary organisations such as your local Citizens Advice Bureau or Age UK may also be able to help. You can visit their websites at:
www.ageuk.org.uk/information-advice/money-legal/end-of-life-planning/
www.citizensadvice.org.uk/
So act now, if you haven’t already done so, and remember to review your will from time to time if your circumstances change.
Who will you appoint as executor(s) of your will (i.e. the person(s) who’ll take charge of your affairs when you die)?
Do you want to make specific gifts to people, such as a favourite piece of jewellery, or cherished possession
How will you divide your estate between your chosen beneficiaries?
If any of your beneficiaries are under 18, when should they receive their inheritance?
You may worry about ill health in later life preventing you from managing your property and savings, or carrying out day to day activities you currently take for granted.
If you’re worried, you may want to think about creating a Lasting Power of Attorney. This is a simple form that allows you to specify who you want to act on your behalf, and under what circumstances.
You can restrict the powers you give a person(s), or allow them complete freedom.
For example, you can arrange for your spouse or partner to act on your behalf if you become too ill to do so yourself.
The forms are available to download from the Office of the Public Guardian at www.justice.gov.uk/about/opg or you can get in touch with your solicitor or local Citizens Advice Bureau.
