The Retirement Gym

In this episode, Roy is joined by Ian Macara who heads the Private Client team at Bennett Griffin Solicitors in Worthing and specialises in contingency planning for life.

They discuss the importance of having a Will and Power of Attorney (POA) and the potential consequences for those who do not have one in place. Ian provides some practical steps to help you make informed choices when planning for later life and why you shouldn't leave things to chance.

Of the adult population, 2/3rds do not have a Will and only 8% have a registered Power of Attorney.

Topics covered in this episode:

1. What's in your Legal Toolbox?
   • Do you have a Will and a Lasting Power of Attorney?
   • Are they still fit for purpose and have they been reviewed recently?
2. Why a Power of Attorney should be like a driving licence
   • They should be affordable, flexible and accepted wherever they used.
   • They need a theoretical and practical element so Attorneys understand their responsibilities and appropriate safeguards are put in place.
3. Why seek out professional guidance when writing a Will?
   • Accreditations and experience: investing in the advice now can save unnecessary cost and stress at a later date.
   • Solicitors for the Elderly (SFE) ensures the quality of the advice and how it is delivered.
   • Society of Trust and Estate Practitioners (STEP): STEP members are recognised as experts in their field, with proven qualifications and experience.
4. Practical steps to creating a Will:
   • Prepare a family tree – there is not a 'typical family'.
   • Have a clear overview of your assets and income which can impact Inheritance Tax and funding long term care.
5. Considerations when choosing an Attorney: 
   • STEP have guidelines for Attorneys who may not be aware of their responsibilities.
   • Plan in advance and create a strategy for the next step in your life.
   • Lasting Powers of Attorney: have a plan A and B in place.
6. What happens when you don't have a POA in place?
   • Nobody has authority over your affairs.
   • Application to the Court of Protection to appoint a Deputy which can be costly and cause delays.
   • The role of the Office of Public Guardian who oversees vulnerable people.
7. Choice not Chance:
   • It's much better to make informed choices and look at hypothetical situations with less emotion than to react in a crisis.
   • Document your preferences: create a road map for what happens to you in later life.

Ian is a full member of the prestigious STEP (Society of Trust and Estate Practitioners), a full member of SFE (Solicitors for the Elderly) and a Dementia Friend. He is also one of only 71 Panel Deputies approved by the Court of Protection to manage the legal and financial affairs of individuals who have lost capacity and are at risk and who don’t have a Power of Attorney or have previously had unsuitable Attorneys or Deputies.

In the first episode of The Retirement Gym, Head of MHA Carpenter Box Wealth Management Roy Thompson talks with Senior Financial Planning Manager Gill Lynes about making a budget plan to better prepare you for your spending requirements in retirement.