As the UK care crisis continues, we ask ‘Have you planned for your future?’

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Many of us may dread the day that we need care especially if that means moving into a care home, as this can often result in a loss of independence and an end to our life as we know it. However, a recent study has highlighted that it is in fact the funding of this care that we should be most worried about. The study found that staggeringly the cost of care is increasing ten times faster than the average elderly person’s income and that the typical annual cost of care in a care home is now £30,000, a 5% increase on last year.

Looking at these figures, I ask you ‘Would your pension and other income when you retire cover this amount?’ I expect the answer for many would be no. Pensioners are therefore more regularly having to turn to their savings, investments or even equity release to fund the shortfall. Former pension’s minister, Ros Altman, blames the Government for failings in looking into the ongoing issues. As we become an ageing population there is more of a demand for care and as this has not been accounted for financially by the government, families are having to take up the responsibility of paying for care themselves.

A Director from the care agency who published the study has urged people to plan for care funding in advance, meaning professional advice from wills, probate and estate planning professionals is more crucial than ever.

Unfortunately there is no magic wand that we as professionals can wave to either prevent the need for care, or indeed reduce the cost of care, however there are things that can be done from a legal point of view to plan for the future and ensure that the worry of going into care is addressed early on. A great time to do this is upon retirement and I would urge anyone who has recently retired or approaching retirement to speak to a solicitor to discuss later life planning.

Should you require any further information, please contact Jennifer Wilkinson in our Wills, Probate, Tax and Trusts Department on freephone 0800 975 2643 or send any question via our online contact form.

Jennifer Wilkinson

About Jennifer Wilkinson

Jennifer Wilkinson is an Associate Solicitor within the Wills, Probate, Trusts and Tax Department at Forbes Solicitors. Jennifer’s blogs cover her specialisms of Will writing, dealing with the administration of estates, paying for care, powers of attorney and court of protection issues. Jennifer is also a member of Solicitors for the Elderly and specialises in matters specifically relating to elderly clients.

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