While retirement can be an exciting time, with the opportunity to make travel plans and enjoy life without the stress of work, it is important to consider how residential care fees might impact on your estate in later life.
Murray Beith Murray Senior Solicitor, Fraser Scott, writes in The Scotsman today (Monday 8 July). Read the full article below:
When a family member or friend is temporarily short of money, your instinct might be to step in and lend them the funds they need. In many cases, the amount of cash involved will not be significant to you, and as a result would not warrant committing the arrangement to writing.
If you operate your business as a Partnership, the chances are you have no written Partnership Agreement. We estimate that fewer than 30% of Farming Partnerships have a written Partnership Agreement, meaning that the majority of Farming Partners’ interests are regulated by statute.
If you are in retirement, you will probably have given a passing thought to the possibility that, one day, you may require residential care. You might even have spoken to a professional advisor, whilst updating your will, or planning your future finances.