Planning ahead isn’t about expecting the worst — it’s about making sure the people you love aren’t left guessing. Here’s what UK families are asking us right now.
Q: What actually counts as “later life planning”?
A: Three things, mainly: a Lasting Power of Attorney (LPA), a will, and a plan for inheritance tax and care costs. Together they cover who makes decisions if you can’t, who inherits what, and how much of your estate HMRC and care fees take before your family sees a penny.
Q: Do I really need a Lasting Power of Attorney?
A: If you want your family to manage your money or care decisions without going to court, yes. Without an LPA, a loved one who loses mental capacity — through a stroke, dementia, or an accident — can’t legally act for them. The family instead has to apply to the Court of Protection for a “deputyship,” which typically costs over £1,000 in the first year and takes several months, compared with £184 to register both LPAs (Property & Financial Affairs, and Health & Welfare) upfront while you still have capacity.
Q: How much does an LPA cost in 2026?
A: The Office of the Public Guardian charges £92 to register each LPA — £184 if you set up both types. Fee reductions or exemptions are available if you’re on a low income or certain means-tested benefits. Professional help to prepare the documents is on top of that, but it’s cheap insurance against a rejected application further down the line.
Q: What’s the inheritance tax threshold right now?
A: £325,000 per person (the nil-rate band), frozen until April 2031. If you leave your home to children or grandchildren, there’s an extra £175,000 residence nil-rate band on top. Add it up and a married couple can often pass on up to £1 million tax-free — but the rules around who qualifies, and how the residence band tapers for larger estates, catch a lot of families out.
Q: Is there still a cap on care home costs?
A: No. The planned £86,000 lifetime cap on personal care costs was scrapped and hasn’t been replaced. If your assets are above £23,250, you’re currently expected to fund your own care in full, with no ceiling on the total. This is one of the biggest gaps in most people’s planning — and one of the easiest to prepare for early.
Q: When’s the right time to start?
A: Now, while you have capacity and options. LPAs can only be made while you’re mentally capable of understanding them — once that’s gone, it’s too late, and the family is left with the far slower, costlier Court of Protection route. Inheritance tax and care planning also work best over years, not weeks.
Want a clear plan, not just a checklist? Jermyn Taylor Private Client Services helps families across Norfolk and Suffolk put LPAs, wills and later life plans in place — properly, and without the jargon.
This is general information, not personal financial or legal advice. Figures correct as of August 2026 and subject to change — please check current rates before relying on them, and speak to us for advice tailored to your circumstances.
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