Prepare For Later Life Now By Starting These Tasks, Want to make life easier for you and the people around you as you get older? There are certain important tasks that could be worth carrying out now. Don’t wait until you’re almost there to start these tasks as it could be too late. Below are a few examples of ways in which you can prepare for later life now.
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Planning your kids’ future
It’s becoming increasingly more challenging for young people to land jobs, get an education and buy property due to greater competition and increased costs – and it’s likely to only get harder in the future. Planning for your kids’ future can help them to get the best start in life. One option is to start saving up money now to put towards education or a potential down payment on a property. You can also help kids to direct their passions in the right direction by paying for clubs and resources. This could include helping to nurture a kid’s love of sport, art or music.
Building a retirement fund
Many people reach retirement and do not have enough money to comfortably live on. Beyond having a company pension, consider whether it’s time to start saving up some money. Alternatively, you could start making investments now that you can benefit from when you retire. This could include renting out property, buying stocks or building up a business that you can sell.
Choosing a power of attorney
A power of attorney is another person who you authorise to carry out wishes on your behalf if you no longer have the physical/mental capacity to do so. This may include making financial and medical decisions. With any luck, you won’t ever need a power of attorney. However, if you do develop a debilitating illness such as a stroke or dementia, having an elected power of attorney in place could make things a lot easier for your family – especially as you can also outline your wishes in a living will.
Making funeral plans
What type of funeral would you like? And who will fund it? Planning your funeral now allows you to decide exactly what the ceremony will be like. You can also begin paying for it now in instalments so that your loved ones aren’t left with the financial burden. There are many family funeral services out there that allow you to create a funeral plan with relatives involved. When you eventually pass, your loved ones will be glad you took the steps to prepare your funeral for them.
Writing a will
Writing a will is another task that can benefit your loved ones when you pass away. It can allow you to control who receives which assets when you die. It is worth hiring a lawyer when writing a will as they will be able to ensure that any will is legally recognised and cannot be misinterpreted. Probate lawyers may also be able to advise you on ways to reduce inheritance tax if you are likely to be eligible.
