Turning older means growing another year wiser and celebrating your experiences. As you turn 60 in the coming year, there are quite a few things you can do to ensure you have a smooth transition to a new life phase. Navigating your senior years doesn’t have to feel overwhelming or confusing.

You can be proactive about the decisions you make concerning your future well-being and make suitable arrangements for them. This can help you not only protect your interests and your loved ones but also give you clarity concerning matters about your health or financial well-being.

Whether you’re considering preparing for retirement or elderly care services, your preferences can be taken care of with the help of legal frameworks.

In this article, we’ll explore a few things you can do to actively participate in planning for the future as you embrace a new lifestyle in the coming year.

1. Planning Your Estate

As you inch closer to retirement age, it is crucial to understand the importance of estate planning. Setting up a will in place will save you and your family from the trouble of passing away intestate, which opens up the possibility of family disputes and disagreements over who inherits your estate as well as the potential misuse or misappropriation of assets.

It’s important to note that writing a will becomes even more significant in cases of complex family arrangements (chosen family, more than one line of succession, etc.), as an absence of a will may invite unnecessary legal scrutiny or a lengthy probate process.

A will can clarify and allocate your properties to people, organisations or charities as per your wishes. This minimises the risk of potential conflict while giving you the freedom to choose who your beneficiaries are and how much they receive.

Creating a trust through a will, also called a ‘will trust’ is considered to be a good option. It is suitable for those who wish to have greater control and flexibility in the distribution of their assets. A will trust will also help minimise inheritance tax, protect beneficiaries and ensure greater privacy for their will.

On the other hand, establishing a property protection trust will be a great option if you’re anticipating long-term care and wish to give your spouse a place to continue residing after you pass away. This type of trust will keep your property from being subject to long-term care fees and ensure that your beneficiaries receive the full value of your house or property.

2. Setting up an LPA

Lasting power of attorney (LPA) acts similar to a will. While a will comes into effect only after you pass away, an LPA comes into effect as soon as you register it with the office of the public guardian (OPG).

LPAs can be set by anybody over the age of 18 but are usually a legal framework that is most suited for the elderly to make proactive arrangements regarding their future care.

LPAs are rather flexible frameworks that allow you to be an active participant in the decision-making process of your future well-being. Be it matters of property or health, an LPA can simplify and future-proof your plans.

Health and Finances

Setting up a health LPA can help you decide on the future course of medical treatments, your preferences for home care or elderly care facilities, and how you wish to have your daily routine set up.

This is a particularly important consideration when it comes to critical care decisions your family may have to take in case you’re unable to make the decision yourself.

Similarly, a property and finance LPA will help you plan for the management of your finances in case you’re unable to or choose not to manage monetary affairs. Since LPAs are part of advanced planning, they also lend greater flexibility as these can be changed anytime.

A health LPA would come into effect only when you are certified by a healthcare provider to have lost mental capacity. A property and finance LPA can come into effect only when you decide your attorney should take over. This simply means that it could also come into effect before you lose mental capacity if you wish it to be so.

3. Pension, Rights & Benefits

Turning 60 does come with quite a few advantages. This is the right time to look into ways to optimise your income sources and check on your pension. Though the state pension age is 66, some workplaces allow for access to pensions as early as 55, subject to certain conditions. The laws on age limits for accessing pension are constantly changing, so it’s best to talk to a solicitor or make enquiries to stay informed.

Furthermore, you can also get free prescriptions at 60+, and depending on where you are, you may also be able to get additional help with dental treatments and claim travel costs for your treatments. You’re also entitled to travel concessions and fuel costs as part of senior citizen support.

This is also a good time to consider flexible work options, though age is not necessarily a constraint here. Flexible work options are accessible to people of all ages but are particularly relevant to the elderly who haven’t yet retired. Health issues and long commutes can sometimes be an obstacle for seniors.

If this is the case, you can discuss this with your employer to seek remote work options or get other concessions. Rest assured that your age will not be held against you, as you are entitled to workplace protections.

Conclusion

Age is just a number, and as you turn 60 next year, you could look forward to new and positive changes that come with this significant milestone in life. It’s as much a time of celebrating your achievements as it is to carefully plan your future.

Whether it’s taking the time to study which type of will or LPA suits your needs best, or appointing new or additional attorneys to handle your personal affairs, it’s time to actively participate in the most important decisions of your life.

Consider consulting a solicitor or a trusted loved one before making these key decisions as you get ready to start a brand new chapter.