Nunn Hayward’s Later Life Planning Series

We have compiled four documents dedicated to Later Life Planning. We hope this will help you with your future planning.

Here we provide you with the following:

  1. Later Life Planning Journal
  2. Gift out of surplus income
  3. Lasting Power of Attorney
  4. Useful information following Bereavement

Later Life Planning Journal

This journal provides you with a place to document all of your important information, including your personal details, information pertaining to your Will, financial plans, power of attorney, later life wishes and more, all in one place. 

Things to consider when completing your Journal:

  • You can choose the sections that are important to you.
  • You can fill in a hard copy version or an electronic copy, it's up to you. Should you choose the latter, please remember to password protect it and communicate its whereabouts to someone close. If you complete it in hard copy, find a safe place to keep it, such as with your Will, and let your family or close friends know where it is stored.
  • Your circumstances may change over time, so think about updating it once a year or more frequently if needed.
  • If you think this Journal would help your friends and family, please feel free to pass a copy on to them.

Download this HERE:

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Gifts out of Surplus Income

In our second document of this Later Life Planning series, we provide you with a template to record all of your gifts out of surplus income from the last seven years.

When someone dies and gifts have been made in the lifetime of the deceased the executors will need to complete an IHT403 form to disclose the gifts made.

We would therefore suggest that a record of this is kept from the last seven years and then continually updated going forward. We have attached to this email an excel schedule to record these details of income and expenses with regards to calculating gifts out of surplus income. Gifts from capital should be kept separate from this schedule.

To qualify for gifts out of surplus income, you must be able to meet three conditions, which are as follows:

  • The gift formed part of the transferor’s normal expenditure.
  • The gift (taking one year with another) was made from income.
  • The gift left the transferor with enough income for them to maintain their normal standard of living.

In addition to the above conditions, the gift should be made on a regular basis. The term 'regular' has many different meanings; however, it is understood that as you are reviewing income and expenditure on an annual basis, gifts are also made on an annual basis.

Download our Gifts out of Surplus Income Spreadsheet HERE:

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Lasting Power of Attorney

Here we outline the importance of having a Lasting Power of Attorney (LPA).

Read our Broadcast on Lasting Power of Attorney where we explore the logistics of what to do if you do not have this in place and what this could mean for you and your family.

Download this HERE:

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Useful Information following Bereavement

The fourth document of our Later Life Planning series explores what to do following bereavement. Here we provide you with some useful information and links that may help if at some point you need support.

Download this HERE:

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What to do Next

We hope you have found these documents of some interest. If you need assistance with any aspects of your Later Life Planning, we would be happy to guide you through this. Contact a member of the team on 01753 888211 or email info@nhllp.com.