How to Prepare Your Family for Your Later Years

Many families do not like to think about their matriarchs and patriarchs getting older, and yet aging is inevitable. The only problems arise when these senior years have not been prepared for or discussed as a family. To ensure that you and your family are prepared for what is to come and that your later years do not come as a surprise for all, here are some of the top tips that you can- and should- follow as soon as possible.

Make a Will

Making a will might seem like an obvious step, and yet many people fail to do this until it is too late. Although inheritance can be simple when you are single or when you do not have a lot of potential benefactors, when you have a large one, it is paramount that you write a will. Otherwise, you might find that your family is unable to get access to your assets on your death. This is especially important if you have a complex family, for instance, if you have previously been divorced or have children with different people. By making a will, you will be able to relax in the knowledge that your wishes will be adhered to after you are gone. Did you know that Macmillan offer a free charity will service? This will make sure that no one misses out on creating a will, no matter their financial situation. All you need to do is choose a will writing partner and give Macmillan your contact details, and you will then receive an email with the next steps that you need to take.

Define Their Roles

You should also define the roles that your family will need to take in the event that you pass away- or simply reach your senior years. For instance, you might want to nominate a power of attorney who can make decisions on your behalf. This is especially important in a medical context. Not only this, but you should assign someone as the executor of your will. This person will carry out your wishes and ensure that they are all adhered to once you have passed away.

Make Sure They Have Your Details

When someone close to you dies, it can be overwhelming, and yet there are a huge number of steps that you need to take in the days after their death. To make sure that your family is not left in the dark after your death and that they can maintain access to your bank accounts and other assets, you should ensure that you have all of your important files and documents all together in a safe place. It is also vital that your family have a list of your passwords and account details, as well as the names and details of your solicitor, financial advisor, and any other professionals in your life. This can make the transition easier for them and can ensure that they are not locked out of important accounts and services until probate is complete.

Make a Plan

The most important step that you can take, though, is to make a plan for the future. This plan is a document that any of your family members can return to at any time. You should discuss your plan with your family before you finalize it to check that they are comfortable and understand what decisions you have made, especially if these decisions involve them. However, you should feel free to change it at any time if your situation or perspective changes. This plan will detail exactly what you want to happen as you get older and when you pass away, which can be helpful if you fall ill or develop a condition like dementia, which might mean that you are unable to make decisions for yourself. The plan should include elements such as senior care, your funeral, and financial decisions that need to be made as you age.

Create a Financial Legacy

Whether you pass on or retire, at some point, you will stop contributing the usual amount to your household, and this can have a huge impact on the finances. This is especially the case if you are much older than your spouse and will retire before them. This means that a little bit of pre-planning is in order. You might decide to open a savings account or a trust that your family can receive under certain conditions. You might also decide to take out life insurance, which could be necessary as you get older and if you were to die before your time. You can get life insurance up until the last decades of your life. You should also look at the terms and conditions of your pension to see whether this will pass on to your family if you die prior to receiving it. It is also vital to check that it is growing enough to support you and your family and create a budget so that they can plan their future finances.

Author Bio:

Rebecca Drew

Since graduating from university with a First Class Honours degree in journalism, Rebecca has worked in the media and digital marketing industries for almost a decade. She specialises in writing health and lifestyle content and her work has regularly been featured in international publications. Outside of this, Rebecca is passionate about food and drink and often shares her culinary creations online.

(Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)