The famous American Benjamin Franklin once said “Nothing is certain except death and taxes." When people come to us to talk about wills, trusts and estate planning, they can sometimes fall into the trap of only focusing on those two things – what will happen when they die, and how to minimise the taxes payable.

Unfortunately, this ignores a period of your life that many of us don’t think about – getting older. This came to mind on reading this BBC News article aptly titled ‘You don’t expect to get old – I never planned’. The article explains the importance of taking practical steps to prepare for getting older. Many people don't like to think about getting older, but as the BBC article makes clear it is important to have these conversations with those close to you and to prepare.

Sometimes clients who come to us are so worried about preparing for their death and minimising taxes that they set up complicated schemes to hold their assets or attempt to give their assets away. While this can be appropriate in certain cases, it can also make it more difficult for them or their partner to live comfortably in older age.

Another symptom is that people often focus on their will and forget about Lasting Powers of Attorney. Your will only comes into effect when you die and while it is important to think about what will happen when you die, it is also important not to ignore that there may be a period where you are ill or lack capacity but are still alive. This is why it is important to have someone appointed as your attorney to arrange your care and your finances on your behalf if there should come a time when you are too ill to do so.

For some people, their Lasting Powers of Attorney never come into effect – they pass away without any period of illness. However, it is good to think about Lasting Powers of Attorney as an insurance policy – have them in place so they are there if you need them.

Ultimately while it is true that not everyone will reach old age, more and more of us are doing so, so when planning for your future it is just as important to think about what will happen before you die as it is to think about what happens afterwards.

For advice about wills, trusts, lasting powers of attorney and estate planning, please contact our estate planning and wills team.