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We all know that making a will is a good idea but it is something that many people put off until their later years. So what happens if you have an elderly relative who has Dementia… can they make a valid Will?

The answer is not a resounding NO as you might think. In actual fact, it all depends….

The starting point is that under the Mental Capacity Act 2005 everyone is presumed to have mental capacity unless it can be shown otherwise.

The mere fact that someone is suffering from a form of dementia does not mean that he or she lacks capacity to make a Will. Our team can guide you through the process of making a will and if there is an issue with capacity, we can signpost you to the next step which may be getting a medical opinion to deal with the question of capacity.

So, if you or your relative wants to make a will make sure they get some sound legal advice right from the start. Alison Westwood is a member of Solicitors for the Elderly, a specialist group of experts trained to work with elderly and vulnerable clients so give her a call on 01902 313311 and get the ball rolling.

Why? Everyone has been suffering from the increase in the cost of living, inflation is at its highest in a generation and mortgage rate rises that no one expected to see again. All of this is pounding everyone both financially and mentally. I see and hear people’s frustration all the time and this may be something that you can identify with.

So, if you are over the age of 50, the next 5 years will undoubtedly be the most important years if you are planning for your future and want to plan well for a comfortable and enjoyable retirement.

If you are anything like me, you will most likely have already started to think about retirement and what you would like to happen. Unfortunately, some of us have even started to think that retirement is either going to have to be put on hold and at best, delayed a few years. After working with many of our clients over the last four decades, I have realised that there is now a fundamental problem when it comes to planning for retirement. Escaping working life and moving to the next chapter of your life where you have more free time and can do all those things that you could not do whilst working, now requires a long term focussed effort and needs to be planned carefully. A good retirement is not going to happen by accident for most of us. The problem now is that there are now so many moving parts to income planning for retirement and the decisions that need to be made in our 50’s and 60’s have become ever more complex leading many people to the point where they do not know what to do for the best. Frustrating, isn’t it?

What many have not realised yet, is that the problem won’t solve itself and the traditional pension companies have little or no interest in helping you understand what you need to know now and what you should do next.

So, what is the answer to the problem, that we all face?

First of all, it’s important to simplify the planning process to make what you are doing is less complicated than it needs to be. To get you started, here are the steps that I would advise you to work through, to help you understand where you are now and if you are on track.

1. Identify every retirement account that you have and list the company and plan number.

2. Contact each company and ask them to provide you with a current valuation.

3. If you have Defined Benefit pension benefits, request a Benefit Statement from the scheme Administrator – This will tell you what the forecasted income will be and when it will be paid from.

4. Request a State Pension Forecast – Again this will tell you what income you can expect and from when.

5. If you have any non-pension investments such as ISA’s or shares, contact each company and ask them to provide you with a current valuation.

6. Add up all the amounts that you have in your bank account and savings accounts.

7. Add up any other income that you will receive in retirement, such as rental income.

Once you have all the information, put the information onto a spreadsheet into two columns.

Column 1 is for all the values of your pensions, investments and savings. Basically, anything that has a value. And column 2 is for all the income that you will receive in retirement. At this point you will be able to understand what you have invested already and how much income is already secured for your retirement.

The next step of the process is to try to understand how much income you would expect to need once you are retired. The easiest way to do this is to use a spreadsheet to work out your monthly expenses. Also think about spending that is irregular and not every month. To do this check through 12 months of bank and credit card statements.

The third step is a little more tricky, but is really important. You need to assess whether you are on track, in need of doing some catch up or you can already retire on what you already accumulated. This can be the most difficult part to get right, which is ideally when you should speak to your financial adviser as they will have the tools to help you understand this part of your financial planning.

As we generally, only get one chance at getting retirement right, it’s important to get this bit right. And the best way to make sure that it all works out well, is to start planning your retirement well in advance and understanding this sooner rather than later will keep you ahead of the game.

If you are on track and are confident that all is in order, that’s great. However, if you concerned about your plans for retirement, now is the time to take action. Delaying only makes the problem harder to solve if something needs to be fixed.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

ACROSS:

1 South North American republic (6)

5 Warning (3-3)

8 Version still being developed (4)

9 Boss (8)

10 Packages (7)

11 Literary work (4)

13 Donkey (5,2,6)

16 Close (4)

17 Commander in chief of a fleet (7)

20 Parasol (8)

21 Wicked (4)

22 Gorge (6)

23 Loftier (6)

DOWN:

2 Lift up (7)

3 Hebrew patriarch (5)

4 Fail to notice (8)

5 Class (4)

6 Flourish (7)

7 Eats (5)

12 Submissive to authority (8)

14 Soft and moist (7)

15 Scrutinise (7)

16 Sweatbox (5)

18 Standard of perfection (5)

19 Futile (4)

ANSWERS FOR JANUARY/FEBRUARY 2023

Across: 7 Sombrero, 8 Rack, 9 Falsetto, 10 Aids, 11 Siesta, 14 Ice cap, 15 Gas, 16 Gemini, 18

Tubing, 20 Plan, 21 Alphabet, 24 Czar, 25 Electric.

Down: 1 Rota, 2 Abuses, 3 Teat, 4 Motorist, 5 Grease, 6 Acid rain, 12 Idealize, 13 Agitated, 17

Ignore, 19 Blasts, 22 Peek, 23 Exit.