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We can help you plan for the later life you deserve.
A financial plan could help you grow older more comfortably
How you choose to spend your later years, is up to you. You may hope to travel the world, or simply enjoy some well-deserved downtime with family and friends. Whatever your goals, a financial plan is one of the best ways to make it happen. We have some information that can help you make the right choices.
If you own your own home, it could be your most valuable financial asset. In your later years, you may have the option of using it to release some income.
We have put together some of the ways your property may be able to complement your pension. However, consider your options carefully and make the choice that is right for you.
A few things to consider if you are thinking about moving home
If selling your home is part of your financial plan, you’ll want to be sure it makes good financial sense. Think about how much your home is worth, how the housing market is performing, and if your home is ready to be sold. Most importantly, you need to be sure that moving will be right for you.
We have a few things for you to consider which may help you to decide.
The value of an investment and the income from it can go down as well as up and you may get back less than you invested. We don't provide advice, so if you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser. There will normally be a charge for that advice
For a complete later life financial plan, it’s worth thinking about what you want to happen after you die. This includes planning for your estate. The sooner you do this, the sooner you can be sure your loved ones will be taken care of in future.
We have a few things for you to consider.
You may want to leave as much as you can for your family and friends after you die. It’s worth knowing that there can be a lot of planning involved to make that happen. We’ve put together a couple of points that you could think about now – if you haven’t already.
If you plan to pass your property onto your family, there are a few things to think about. For example, if your estate exceeds the Inheritance Tax allowances, a gift of your home to your children or grandchildren could secure an additional tax-free allowance of £175,000 (called the Residence Nil Rate Band). There is more information about Inheritance and Inheritance Tax on the government website.
You may be able to pass on your pension to a beneficiary. To do this, make sure you have a beneficiary nominated on your policy. It can be your spouse, family member or a friend. You can find out more from the pension experts at Scottish Widows.
Even if you are as fit as a fiddle today, there’s no escaping the fact that our health can deteriorate as we get older. So planning for later life care and the costs of this is something you might want to think about. Make your family aware of your wishes and it could make things a little easier for you and your loved ones in case you need additional help.
It may be a long way off and not something that you want to think about, but planning your funeral in advance takes some of the responsibility off your loved ones after you die. Having a funeral plan today gives you peace of mind knowing you’ve already covered most of the costs. It will also make sure that you get the type of funeral you want.
A funeral plan lets you pay in advance for some of your funeral, at today’s prices. This can be arranged with a funeral director or a funeral plan provider. The money you pay in can only be used for funeral costs. Once you've decided what you want your plan to include, you can pay for it with a lump sum or with monthly instalments.
As part of our wider group, we can introduce you to the Lloyds Bank Estate Administration Service.
If you need support and guidance with any aspect of administering an estate or if we are appointed as the Executor of a Will, please contact us on 0800 121 8713 (or +44 1733 286 482 if calling from abroad). Lines are open Monday to Friday, 9am – 5pm. Calls may be monitored or recorded.
Our initial support and guidance is fee free and without obligation. If you think the service is right for you, we will explain our fees and charges to act as Executor or Administrator (England & Wales only) in an Estate. Fees and charges for our services are charged to the Estate.