Later life planning: eight jobs you need to get done now

You may have dealt with important tasks such as writing your will and planning for inheritance tax (IHT), but what else needs doing to ensure your affairs are in order? 

From setting up power of attorney to considering your digital legacy and leaving your funeral wishes, there are plenty of jobs you need to get done now to plan for later life.  

It won’t be a job you relish, but it could save your loved ones a lot of stress once you’re gone. 

Here’s a rundown of steps you can take to make sure you’ve got everything covered.  

1. Consider your digital legacy

Your will deals with what happens to your money, possessions and property when you die. But, with so much of our lives lived online, it’s also important to consider your digital legacy.  This includes anything from social media to photos stored in the cloud and any online accounts you might have. You can name a digital executor in your will who’s responsible for closing and managing these accounts. It also helps to leave a list of your digital accounts and instructions for what you want to happen on your death.   

2. Leave funeral wishes

You can help your family by making a note of your particular funeral wishes. You can include these in a ‘letter of wishes’ alongside your will, or in one of the ‘when I’m gone’ online forms.   Include details such as whether you want a cremation or burial, and any particular music or readings you’d like. You might want a ‘green’ funeral or no fuss at all.  If you’ve paid for a funeral plan, make sure your loved ones know about it and have the details they will need.  

3. Set up Lasting Power of Attorney

It’s important to set up a Lasting Power of Attorney (LPA) while you are still fit and healthy. If you ever become unable to manage your finances yourself, this enables someone you trust to step in and do so on your behalf. It also means that someone can make decisions about your health and welfare if you’re not able. 

Your family won’t have the automatic right to act on your behalf unless this legal paperwork is in place, which makes an LPA a really valuable part of your later life planning.   You can choose one or more attorneys (who may be family or other trusted individuals) but, if you go for more than one, you’ll need to decide whether they can act individually or need to make decisions together.   

4. Think about care and how you’d like to be looked after…  

It’s always helpful if your loved ones understand your preferences should you need care at some point. Think about how you would like to receive that care – for example would you be at ease with the idea of residential care, or would you like to have care at home for as long as possible?  By talking to your loved ones about these issues while you are still fit and well, it will be easier on your loved ones, if the need arises. 

5. …and discuss how you’ll pay for that care

Care can be expensive – whether you’re receiving at home or in a nursing home – and the chances are you will need to foot the bill yourself. Care costs are only met if you have assets (including property) worth less than £23,250.   If you haven’t already, talk to your adviser about the best way to pay for care. There are number of options you can consider from pension and investment income to equity release or selling or renting out your home. 

6. List your valuables… 

Alongside writing your will, it’s useful for your loved ones to have a list of your valuable items when you pass away. This might include jewellery, art, antiques, laptops and tech equipment. If there are specific possessions that you want to go to specific people, you can list them here or in a letter of wishes alongside your will.   

7. …and your accounts

You can also make things easier for your loved ones by creating a list that details all the accounts you have from ISAs and pensions to your energy supplier.  You don’t need to list the value of any savings or investment accounts and you shouldn’t include passwords either – just the name of the provider and a rough description of the product.  After you have died your loved ones will then be able to use your death certificate to access and close accounts. 

8. Tell your pension provider who should inherit your pot

You can leave any unspent pension to your loved ones, but it won’t be covered by your will. Instead, you’ll need to give your provider instructions by completing an ‘expression of wishes’ or ‘nomination’ form that outlines who should get the money. You may well have completed one of these already but, if you haven’t, it it’s vital you do it, otherwise your provider will have to decide who gets your money. It’s also important to update it if your circumstances or preferences change.  The form can usually be found on your online account, and it’s easy to complete. All you need to do is add your beneficiary’s name and their relationship to you.

29 May 2025