We see many people who have prepared for legacy planning, resulting in funds being tied up in trusts, or families who have gifted money to their children and need to ask for it to be returned.
That is one of the reasons business relief services are becoming increasingly popular; they can offer both investment growth and access to savings.
2) Practical preparation.
This is wide ranging, but to give some examples:
- Have conversations within the family about the individual’s expectations and wishes.
- Have a needs assessment carried out to see if there are any early steps that can be taken to prevent some of the issues we have stated as being a cause for care needs; for instance, falls or loneliness.
- Consider the different types of care available and if residential might be an option. Research and select a preferred home; many homes have long waiting lists and so joining this can give you far more choice in an emergency – you do not have to take up a place if it is not needed.
All of these steps can contribute to a far better outcome for the individual and their loved ones. Having a contingency plan in case of emergency helps many people to stay in control of their situation and not need to make such hurried decisions, for instance when discharged from hospital.
FTA: Given the challenge of a complicated system that you identified earlier, where should people start?
DN: I wholeheartedly encourage people to engage with expert advice when it comes to preparing for care. It is something we often deal with only once in our lifetime and the stakes are high – it is important to get care right.
On average, people spend two and a half years in care, according to Age UK, and that is a significant amount of time if you, or your loved ones, are unhappy with the choice.
Independent advice can help by including the whole family and supporting a plan that is truly tailored to their needs, rather than having to take the first option available.
simoney.kyriakou@ft.com
