It is to be hoped that retirees have sufficient funds to fund their retirement and to be able to self-finance entry into high-attention retirement and nursing home care, or similar, if needed. The legal agreements relating to these arrangements need careful reading and advice from a solicitor.
The cost of such care invariably requires sale of the main residence, meaning that there will be less left for distribution to loved ones under their will, whether they be in a ‘blended’ family relationship or otherwise. This often invokes the need to review and recalibrate the distribution provisions of the retiree’s will.
And of course, don’t forget the needs that retirees have for enduring powers of attorney and appointment of enduring guardians while they are alive.