Lasting power of attorney, living will, testament: what to sort out before you retire

Applying for your pension, planning the handover, saying goodbye: there is a lot to organise before retirement. One topic often slips down the list because it feels uncomfortable. What happens if I can no longer decide for myself? And who gets what later on?

That is exactly what three documents are for: the lasting power of attorney, the living will and the testament. The transition into retirement is a good time to deal with them calmly. You have more time, you are usually in good health, and you can talk openly with your family without an urgent reason pushing you.

Why now?

Many people assume that in an emergency their partner or children will simply decide for them. How far that actually applies is often unclear, and the rules are more complicated than you might think. Deciding yourself who may decide what creates clarity for everyone involved.

Planning ahead therefore mainly relieves the people closest to you. In an emergency they do not have to guess what you would have wanted.

The power of attorney: who may act for me?

With a lasting power of attorney you name one or more people you trust who may act on your behalf if you can no longer do so yourself. Typical areas are:

• Health and care, for example talking to doctors
• Assets, banking and contracts
• Housing, rental agreements or a care home place
• Authorities, insurance and mail

Trust is what matters most. The person you appoint should know your values and be willing to take on the role, so talk to them first. Also make sure it is clear where the document is kept and who knows about it.

The living will: what should happen medically?

A living will sets out which medical treatments you want or refuse in certain situations, such as serious illness, after an accident or at the end of life. The more specific it is, the more it helps doctors and relatives. General sentences like “I don’t want to be kept alive by machines” are often not enough.

A conversation with your GP helps. You can clarify which situations are realistic and what individual treatments mean. Many people add a few sentences about their values: what matters to me in life, and what does quality of life mean to me?

The testament: who gets what?

Without a testament, statutory succession applies. It does not suit every family, for example blended families, unmarried couples, or if you want to leave something to a charity. Which form a testament needs and what makes sense in your case is best clarified with a professional adviser.

Also think about your digital estate: email accounts, online banking, social networks, photos in the cloud. A securely stored overview of your accounts saves your relatives a lot of work.

Five questions for your adviser

Whether notary, lawyer or advice centre: if you come prepared, you will get more out of the appointment. These questions help:

1. Which areas should my power of attorney cover, and what form does it need in my situation?
2. Should there be one or several authorised persons, and how will they work together?
3. For which medical situations should my living will contain specific statements?
4. Does statutory succession suit my family, or do I need a testament?
5. Where do I keep the documents, and who knows about them?

How to approach it calmly

You don’t have to do everything in one weekend. Three steps work well: first, note down for yourself what matters to you. Then talk to the people you have in mind as your representatives. Finally, get professional advice and draw up the documents. Plan to review them every few years, for example after a move or when something changes in the family.

Good to know: This article provides an overview and does not replace legal or tax advice. For your specific situation, please contact a notary, a lawyer or an advice centre.

Support during the transition

Finances and provision are one of six areas of life that matter in the transition into retirement. In the WorkDone.Works individual consultation you sort out your questions with an expert and prepare for your meeting with a legal adviser. Many employers offer the consultation as a benefit, so ask your HR department.