Important Considerations
Navigating Later Life Lending needs careful consideration of various aspects, and many of our clients find this is the perfect time to do it.
This page discusses key topics, including Wills, Power of Attorney (POA), Common Later Life Lending Terms, The Impact of Borrowing on State Benefits and Care Costs(FAQs), Estate Planning and Inheritance Considerations and Alternatives to Borrowing.
The Use of Wills and Power of Attorney
Making a will ensures that your wishes regarding your estate are honoured after your passing. It is crucial for avoiding unnecessary taxes and providing clear instructions for the distribution of your assets.
We work with an excellent firm, Kinherit (run by Ben Mason), in this area who can provide you with Wills advice.
Common Later Life Lending Terms
There are about a dozen key phrases you will hear and read when you start your Later Life Lending research.
We have created a glossary of these terms so that when you hear them, you will understand what they mean.
The Impact of Borrowing on State Benefits and Care Costs
Understanding and planning for potential care needs is important. This includes considering how care will be funded and what impacts it may have on your finances and estate.
The outstanding company in this field are My Care Consultant run by Jacqueline Berry.
Estate Planning and Inheritance Considerations
Using your property wealth to raise funds for you and your family is an important consideration.
By discussing the implications of this on your estate, you will be able to plan your finances in the best way possible.
Alternatives to Borrowing
Borrowing money from a lender using your home as security is not the only option available to you.
You should consider all potential options. This way, you can be assured that the final option you choose is the best one for you and your family.
Quiz time!
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After each section, there is a small quiz for you to check your understanding.
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