Making a Will? Don’t overlook this important next step

For many people, making a Will is one of those jobs that's easy to put off. When it finally gets ticked off the list, it often brings a real sense of relief, knowing that your wishes are recorded and you have made arrangements for the people and things that matter to you.

But what about the decisions that might need to be made during your lifetime?

A Will sets out what should happen to your estate after your death. It doesn't give anyone the authority to make decisions on your behalf if you're no longer able to do so yourself. For that you need a Lasting Power of Attorney (LPA).

A Will and an LPA do different jobs

Although they're often discussed together, a Will and an LPA serve very different purposes.

Your Will allows you to decide who should inherit your estate, appoint executors and, where appropriate, make arrangements for children or other dependants.

An LPA, on the other hand, protects you during your lifetime. It allows someone you trust to make certain decisions on your behalf if you are unable to do so for whatever reason. There are two types:

• Property and Financial Affairs: Covers matters such as managing your finances, paying bills and dealing with property.
• Health and Welfare: Covers decisions about your care, medical treatment and day-to-day wellbeing.

Many people assume that a husband, wife or civil partner can automatically make these decisions if they're unable to do so themselves, however, this isn't necessarily the case. Without the appropriate LPA in place, even those closest to you may not have the legal authority to manage your finances or make certain decisions on your behalf.

This can mean additional delays and uncertainty at a time when your family may already be dealing with difficult circumstances.

Why consider both at the same time?

When you're making or reviewing your Will, it's a good opportunity to also think about who you would want to make decisions on your behalf if you couldn't do so yourself.

There is often some overlap in the conversations involved. For example, you may want to consider who you trust to act for you, how your affairs should be managed and what arrangements would best reflect your circumstances and wishes.

Discussing your Will and LPAs together also gives your solicitor a broader understanding of your personal and family circumstances, helping them provide advice that takes account of your wider needs.

It can also save you from having to revisit the subject later or leave an important part of your future planning unfinished.

LPAs aren't just for later life

It is understandable that LPAs are often associated with older age or declining health. However, in reality, an unexpected illness or accident can affect anyone at any stage of life.

Having an LPA in place doesn't mean you expect something to happen. It simply means you've made arrangements in advance, choosing who you would want to act for you and giving them the appropriate legal authority should it ever be needed.

It is much easier to make those decisions yourself, while you are able to consider your options and choose the people you feel are right for the role.

Bringing your plans together

A Will and LPAs each play an important part in planning ahead. Together they address different stages of life and help ensure that arrangements are in place both during your lifetime and after your death.

To help clients put these documents in place together, we have introduced our Complete Future Planning Package. It brings together a professionally prepared Will and both LPAs with expert legal advice and preferential package pricing, making it simpler to complete your future planning in one straightforward process.

If you're thinking about making a Will, arranging LPAs or reviewing your existing plans, our experienced Wills and Estate Administration solicitors can talk you through your options and help you decide what arrangements are right for you.

To discuss your circumstances in confidence, call Owen White Catlin on 0208 890 2836 or contact your nearest Owen White Catlin office.