Planning for Later Life

A will is a legal document that sets out what should happen to your estate (property, money, and possessions) when you die. Without a valid will, your estate will be distributed according to the rules of intestacy, which may not reflect your wishes — for example, unmarried partners have no automatic inheritance rights under intestacy.

A valid will must be in writing, signed in the presence of two witnesses (who must not be beneficiaries or their spouses), and the witnesses must sign in your presence. Using a solicitor is advisable for all but the simplest estates, and essential if you have complex circumstances (a business, overseas assets, children from multiple relationships, or a significant estate).

Review your will regularly — especially after major life events such as marriage, divorce, birth of children or grandchildren, or a significant change in assets. Marriage automatically revokes a previous will in England and Wales.

Making a Lasting Power of Attorney (LPA) is arguably the single most important legal step you can take in later life planning. An LPA allows someone you trust to manage your finances or make healthcare decisions on your behalf if you lose capacity. See the separate guide on Lasting Power of Attorney for full details.

An Advance Decision to Refuse Treatment (ADRT), sometimes called a living will, is a legal document in which you specify medical treatments you would refuse in specific circumstances in the future, when you might lack capacity to decide. An ADRT must be followed by healthcare professionals if it is valid and applicable. For it to apply to life-sustaining treatment, it must be in writing, signed, and witnessed.

An Advance Statement is a different document — not legally binding but very influential — which sets out your general wishes and preferences about care, including where you would like to be cared for, your dietary preferences, religious needs, and so on.

Your housing needs and preferences may change as you age. The main options include:

• Remaining in your own home with adaptations and care support. The Disabled Facilities Grant can fund adaptations up to £30,000.
• Sheltered housing — self-contained flats or bungalows for older people, usually with an alarm system and a scheme manager. Many are for sale or rent through housing associations or private developers.
• Extra care housing (also called housing with care or assisted living) — independent accommodation with on-site care available when needed. A good middle ground between home and a care home.
• Care homes — residential or nursing, for people with substantial or complex care needs.
• Equity release — releasing value from your home through a lifetime mortgage or home reversion scheme. Seek independent financial advice before considering this.

Understanding the rules around social care funding helps you plan realistically. The current capital threshold above which you are expected to self-fund care is £23,250. People who self-fund from the outset often face the highest care fees because they do not benefit from council negotiated rates.

Consider seeking advice from a specialist later-life financial adviser accredited by the Society of Later Life Advisers (SOLLA). They can advise on care funding, equity release, power of attorney, pension drawdown, and inheritance tax planning.

Make sure you are claiming all benefits you are entitled to — many older people miss out on Pension Credit (worth an average of £1,900/year), Attendance Allowance, and Council Tax Reduction. A benefits check by Age UK or Citizens Advice can identify unclaimed entitlements.