The landscape for how to live during one’s later years has changed considerably. As we live longer, there is growing concern over how to sensibly finance our retirement.
Similarly, society’s concept of family is constantly shifting and adapting with many family units blending as remarriage increases.
The most recent Office for National Statistics (ONS) report found that more men over the age of 50 are choosing to remarry, with 25,000 men in this age bracket remarrying in 2015 alone.
When a major life event such as the birth of a child, the death of a parent, divorce or marriage can impact on an existing Will, it is extremely important that clients are advised appropriately and encouraged to act.
Although a YouGov survey has found that 44% of over-50s have changed their Will several times due to the complexities of modern relationships, there is still a huge number of people who are failing to ensure their express wishes are given effect to upon their death.
The increasing popularity and dependence on equity release products will also cloud the ease there is for a person to make a valid and accurate Will. In total 43,879 home owners over the age of 55 used equity release products to access money locked in their homes and this represents an increase of 23% from 2017.
For many people, these products are no longer options, but necessities to help supplement their income in later life. Whilst these products may need to be taken out, a clear understanding of the implications on the total estate value may be lacking by their users.
The Competition Markets Authority has also launched a thorough inquiry into the funeral sector following concerns that prices are increasing at 6% per year or twice the rate of inflation.
Mindful that elderly people are extremely vulnerable when organising a funeral, the report will aim to regulate services to restrict exploitative processes and practices.
When there are so many factors that could confuse an elderly client, it is imperative that Willwriters and Estate Planners develop a thorough understanding of the issues that could impact estates in 2019.
The Willwriting Academy Ltd will be running a comprehensive course on Advising the Elderly on 11 June at the Ibis Styles Hotel in Birmingham. The course, accredited by the CPD Standards Office, will help attendees focus on issues affecting elderly clients including how to protect cash and savings, the implications of care homes on an estate, pre-paid funeral plans and how to sensitively deal with capacity concerns.
Make sure you are able to confidently and sensitively advise an increasingly vulnerable section of society. Sign up to the Advising the Elderly course here.
This article was submitted to be published by the Institute of Professional Will Writers as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
