Estate planning is relevant for nearly every stage of adult life but becomes particularly important in later years when passing on wealth to younger generations and minimising inheritance tax on death becomes more of a concern. This is a point when serious thought should be given to lifetime tax and estate planning and checking that you have an up to date Will, or if you do not have one, to make one. Equally important is to make sure that you have made provision for what would happen if you lose mental capacity when you become elderly. It is a difficult subject to think about but it will make it much easier for close family if you have put a Lasting Power of Attorney in place so that those whom you trust have power to manage your affairs and make important decisions on your behalf.

In this article in "Prospects", the client newsletter of investment managers J M Finn & Co (www.jmfinn.com), Wedlake Bell Partner Ann Stanyer, a specialist in elderly client and Court of Protection work, discusses the estate planning issues to consider in your later years.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.