Game Set and Match for Andy – Considering your estate when you retire

Andy Murray announced last week that he was likely to retire sometime this year. The former world number one will be taking a step back due to ongoing pain in his hip.

Few of us will be following in his steps to retire at 31. But we will all be, at some point, looking to take a step back from the working world. Whenever you decide to retire, here are some key things to consider when.

Reviewing Your Will when you Retire

Not everyone reaching retirement will have made a Will – a recent Which survey suggested that on average people wait until age 47 to make their first Will. Many wait even longer. The average age of retirement in the UK is 65 for men, 63 for women. Retirement is a fantastic time to make a Will. If you already have a Will in place, it’s a good opportunity to review it.

Since your last Will, your children may have grown up. You may also now have grandchildren. Your finances may be very different – perhaps you’ve repaid your mortgage and have a substantial nest egg. You will also know more about your own needs, and those or your partner or spouse. Perhaps you want to prepare for the possibility of future care costs as you enter a new stage of life.

Whether its as simple as providing for a small gift to new grandchildren, or complex estate planning, retirement is a perfect time to review your Will.

Lasting Powers of Attorney

Retirement is a time for planning ahead. How will you spend your new found free time? Inevitably you’ll now have lots of exciting new possibilities now your time isn’t taken over by the 9-5!

Planning ahead can also be longer term. People are living longer every year, so long term conditions that affect either one’s mobility, or one’s mental capacity, are increasingly common. Who will take care of your affairs if you’re unable to later on?

Lasting Powers of Attorney do not relinquish all control to someone else while you’re still perfectly willing and able to deal with your affairs yourself. But they are incredibly useful documents that can make life so much easier for loved ones if, in the years to come, you need their help a little bit more.

What should I do?

If you, like Mr Murray, are looking to take a step into retirement, speak to one of our expert Wills and Probate Solicitors to discuss how you can best plan your future. Call us today on 01270 444329. or alternatively complete this form and we will call you back to arrange an appointment.