Managing risk in estate planning

As investors become older, they tend to narrow their risk horizons. It may be that they no longer want exposure to ‘risky' assets such as emerging market equities or high-yield debt. But this does not mean that risk is less of an issue. In fact, a whole new array of risk considerations come into play when investors reach their later years. Any financial decision involves risk, and in old age the landscape is complicated by considerations of health, longevity and family circumstances. It seems counter-intuitive to talk of the ‘risk' of living to 100, for example - surely a long life...