Later life planning

There’s a lot you can do to make things easier in readiness for the later years of your life - either for yourself, or for a family member.

Get in touch or call us on 0800 013 1165

At Tees our lawyers and independent financial advisers work together offering you a better service with a joined-up view and understanding of your plans for your future. Our later life planning specialists work across the full range of services to give you a joined-up service so you can get everything organised in one go.

Ongoing support for managing your affairs

In the same way that our wealth management advisers meet face-to-face with their clients regularly, our legal teams work very closely, in an ongoing way, with families who have multiple legal issues which need managing. We can be by your side for as long as you need us. 

Home visits

We understand that sometimes it’s not easy to travel to our offices.  So, if you would like us to visit you, for example, at home we can arrange to do that.

Our later life planning services include: 

Powers of Attorney 

A power of attorney can protect you, and those you love, if you're no longer able to make decisions for yourself. It lets you pick someone you trust to act in your best interests to make decisions on your behalf. This applies during your lifetime if it is needed due to incapacity. For example, the person with Power of Attorney can make decisions about your health or your money. 

Making a will 

Do you have a will that is up-to-date?  Do you have a will at all? Having a will is key to making sure your wishes are carried out after your death.  Without one, the people you want to receive your property may not get it, and your family may have a lot more worry and hassle trying to sort things out after you’ve gone. 

Don’t put it off any longer!  When you make a will at Tees you will have a good conversation with an expert lawyer who will help you to plan what you want to happen and set it down in a legally watertight will. Then you can tick it off your list and feel good that it’s done. 

Court of protection and deputyships

If you're concerned about the welfare of a family member or loved one, we can help you take legal steps to protect them.  This involves the Court of Protection which judges whether people have the mental capacity to make decisions about their own welfare. If it says they don’t, and no enduring or lasting power of attorney is in place, it can appoint a deputy to make decisions on a person’s behalf.

You can apply to become someone's deputy and we can provide specialist support for this complex process and provide ongoing advice about your role as a deputy. Our solicitors have plenty of experience of a deputy’s work – many have themselves been appointed professional deputies – so we really do know how the system works and what it means to be responsible for people who can’t make their own decisions. 

Financial and succession planning

In order to hand your business and estate on to the next generation of your family, while ensuring it continues to flourish, you’ll need an expert who specialises in dealing with complex family arrangements and estate planning. At Tees we draw on many years’ experience to take care of everything such as inheritance tax planning to make the most of valuable inheritance tax benefits, business property or agricultural property relief and trust administration, including the investment side. We can also work with your other professional advisors, such as your accountant, in drawing up a unique and practical plan for your future. 

Pension advice

Plan well in advance and you’ll have a better retirement! Our independent wealth management advisers cover pension issues such as: tax-free lump sums, retiring early and the different types of pensions - personal, stakeholder, SIPP (self-invested personal pensions), workplace, additional voluntary contributions (AVCs) - plus advising you if you think you may want to transfer your pension to a different provider.

Independent investment advice

Our independent financial advisers are expert at managing your investment portfolio.  We work with our colleagues in conjunction with you and your family members to make your investment strategy a key part of your plan to support you and your family in later life.  These funds could help your family in innumerable ways such as enabling you to stop work earlier, pay for school or university fees, or buy a property to help adult children onto the property ladder.

Equity release 

To obtain funds from the capital value of property.  Make sure you take specialist advice before committing to anything because there are pitfalls with going down this route; however it can be a useful source of funds if you use the right financial product for your circumstances. 

Long-term care fees planning

The very high cost of care in later life causes a lot of worry and upset and is of course rather unpredictable as no one knows how much care they may or may not need when they are older. It’s best to face the future with a plan and at Tees we have accredited independent financial advisers who understand all aspects of funding care for older people or those with health needs.

Gifting money to children

Everyone in the UK is allowed to give £3,000 in total, to other people (including children) each financial year and it won’t be considered as part of your estate for inheritance tax purposes.  If you don’t give any money away one year, the amount ‘rolls over’ and you can give more the following year.

For a special occasion, such as getting married, you can give more, depending on the proximity of your relationship to the bride or groom. You can also give small amounts (up to £250) to as many people as you wish in one year, but not all to the same person. This is known as a small cash gift. Giving regular payments can be a good idea, as long as you make sure the money comes from your income and doesn’t come from savings.  Also, to comply with the rules, the giving of regular payments must not affect the quality of your lifestyle, that is they come from disposable income. 

Call our expert advisers on 0800 013 1165

For an initial chat, at no obligation, or fill out our enquiry form and a solicitor will get in touch.

Enquiry form

Frequently asked questions

What are the benefits of having a will?

The benefits of having a properly written will include:

  • You choose who inherits from your estate
  • You can choose someone to trust to administer your estate
  • Your family know what your wishes are
  • Gives the opportunity for estate and inheritance tax planning and management 
  • Makes appropriate provisions for minors or dependents 
  • Assists your estate in the event that the will is contested.

Can I write my own Will?

Yes, it is possible to write your own will (sometimes called a ‘DIY will’) however it is not advisable that you do so. Wills are complex legal documents, and in order for a will to be considered valid after you die, it must comply with strict rules.

Can you override a Lasting Power of Attorney?

You might have grounds to object to the registration of a Lasting Power of Attorney (LPA) if: 

  • you can prove the LPA isn’t legally valid
  • the person who made the LPA (the ‘donor’) didn’t have mental capacity
  • there was forgery or fraud in creation of the LPA
  • the attorney is bankrupt
  • the attorney isn’t acting in the donor’s best interests.

What are lifetime gifts?

Lifetime gifts are assets you give away before you die. Examples of lifetime gifts include:

  • money
  • investments
  • artwork
  • cars
  • jewellery
  • shares in a business 
  • payments to a life assurance policy that is not for your benefit or does not pay out to your estate 

If you survive the gift by seven years or more, then it is not normally subject to inheritance tax when you die. It is important that you do not retain any benefit of the gift, or inheritance tax will be due. Gifts that you make within seven years of your death may be subject to inheritance tax.  Transfers into Trusts are also subject to the seven year rule, however the inheritance tax position is more complex and legal advice should be obtained. 

We understand your situation and our expert team are here to help

Get in touch to speak with someone who can help you move forward.

Contact us
Designed and built by Onespacemedia