Older Age Planning FAQ
Have questions? We have the answers. Frequently asked questions about our older age planning service.
Older Age Planning FAQ
I’m worried there will be a big Inheritance Tax bill when I die. Is there anything I can do now to plan for this?
Yes there are lots of things you can do. Some of these are very straightforward but can save a lot of Inheritance Tax. We can tailor a strategy to your specific objectives. Please give us a call for a no obligation conversation.
Do I really need a will?
For most people, writing a will is extremely important. If you die without making a will, you cannot control who will inherit your assets after your death. Should you die ‘intestate’ (in other words, without writing a will), your property will be distributed according to intestacy law and this may be inconsistent with your personal wishes. By making a will you can determine precisely who inherits your assets. In addition, by writing a will you can determine who will administer your estate and who you would like to act as guardian for any minor children you have, if they are left without a surviving parent.
What is a Lasting Power of Attorney and do I need one?
A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or make decisions on your behalf. This gives you more control over what happens to you if, for example, you have an accident or an illness and can’t make decisions at the time they need to be made (you ‘lack mental capacity’). Most people should have an LPA.
I’m worried about the cost of long-term care should I need this. Can you help me plan for this?
Yes we can. Long-term care insurance provides the financial support you need if you have to pay for care assistance for yourself or a family member. This insurance can cover the cost of assistance for those who need help to perform the basic activities of daily life such as getting out of bed, dressing or washing in your own home or in residential care. There are different types of long-term care insurance products available and each must be considered carefully to ensure it fits with your specific needs.
Can you answer another question that isn't listed here?
Certainly. First, you might want to check out the other FAQ pages to see if your question has been answered already. If not, please contact us or use the ‘live chat’ at the bottom right of every page. We’d love to answer any questions you have about NorthStar and how we can help you achieve your financial goals.