Planning for the future is not only about later life or wealth. It is about making sure that, if something happens to you, the people you trust are able to understand and carry out your wishes.
Three areas are particularly important: making a Will, putting Lasting Powers of Attorney in place, and understanding the probate process. Each has a different role, but together they can provide clarity and reassurance for you and your family.
A Will: making sure your wishes are known
A Will is a legal document that sets out what should happen to your money, property and possessions after your death.
Without a valid Will, your estate will be dealt with under the rules of intestacy. These rules decide who is entitled to inherit and in what order. They may not reflect your personal wishes, family circumstances or relationships.
For example, a Will can help you to:
- Choose the people or charities you wish to benefit.
- Appoint trusted executors to deal with your estate.
- Make provision for children or other dependants.
- Appoint guardians for children under the age of 18.
- Consider how jointly owned property should be dealt with.
- Reduce uncertainty, delay and the risk of family disputes.
A Will is especially important for unmarried couples, blended families, business owners, people with overseas assets, and anyone who wishes to make specific provision for loved ones.
It is also important that a Will is properly prepared and signed. In England and Wales, it must meet specific legal requirements to be valid. Poorly drafted documents, informal changes or incorrect witnessing can create difficulties at a time when families need certainty most.
A Will should be reviewed after major life events, such as marriage, divorce, the birth of a child, buying a property, receiving an inheritance or a significant change in financial circumstances.
Lasting Powers of Attorney: protecting you during your lifetime
A Will only takes effect after death. A Lasting Power of Attorney, commonly known as an LPA, is different: it allows you to appoint people you trust to make decisions for you during your lifetime if you are unable to do so yourself.
There are two types of LPA:
| Type of LPA | What it can cover |
|---|---|
| Property and Financial Affairs | Managing bank accounts, paying bills, dealing with investments, collecting income and, where appropriate, dealing with property. |
| Health and Welfare | Decisions about care, daily routine, medical treatment, where you live and, if you choose, life-sustaining treatment. |
Type of LPA
Property and Financial Affairs
What it can cover
Managing bank accounts, paying bills, dealing with investments, collecting income and, where appropriate, dealing with property.
Type of LPA
Health and Welfare
What it can cover
Decisions about care, daily routine, medical treatment, where you live and, if you choose, life-sustaining treatment.
An LPA is not a loss of control. It is a way of choosing who should support you or make decisions on your behalf if an accident, illness or loss of mental capacity means you cannot make a particular decision yourself.
A Property and Financial Affairs LPA can be used once registered, with your permission, even while you still have capacity. A Health and Welfare LPA can only be used when you are unable to make the relevant decision yourself.
The people you appoint, known as attorneys, should be individuals you trust completely. You can appoint more than one attorney and decide whether they must act together or whether they can act independently. You can also appoint replacement attorneys.
An LPA must be registered with the Office of the Public Guardian before it can be used. Putting one in place early can avoid uncertainty and provide peace of mind for both you and your family.
Probate: dealing with an estate after death
Probate is the legal authority needed to deal with a person’s estate after they die. This can include gathering assets, paying debts, dealing with tax matters, selling or transferring property, and distributing the estate to the people entitled to inherit.
Where there is a Will, the executors named in it will usually apply for probate. Where there is no Will, the person entitled under the intestacy rules may need to apply for authority to administer the estate.
Not every estate requires a grant of probate. For example, whether it is needed can depend on the value and type of assets, how property is owned, and the requirements of banks, investment providers and other organisations.
The probate process can feel daunting at an already difficult time. There may be practical matters to deal with, including locating the Will, valuing assets and liabilities, identifying the people entitled to inherit, and ensuring the estate is administered correctly.
Professional advice can be particularly helpful where:
- There is no Will or the Will is unclear.
- There are concerns about the validity of a Will.
- The estate includes property, business interests or overseas assets.
- There are complex family relationships.
- A beneficiary is a child or lacks capacity.
- There is a dispute or potential claim against the estate.
- Inheritance Tax reporting may be required.
Three documents, one joined-up plan
A Will, an LPA and probate each deal with a different stage of life:
- A Will sets out what should happen after your death.
- An LPA helps protect you if you are alive but unable to make certain decisions.
- Probate is the process of administering your estate after death.
By planning ahead, you can make life easier for the people closest to you, reduce the scope for disagreement, and ensure that your wishes are more likely to be understood and followed.
How Lawfrancis Solicitors can help
At Lawfrancis Solicitors, we understand that planning for the future can feel sensitive and overwhelming. Our private client team can provide clear, practical advice tailored to your circumstances.
Whether you need to make or update a Will, put Lasting Powers of Attorney in place, or require support with probate and estate administration, we are here to help.
Contact Lawfrancis Solicitors today to discuss how we can help you protect what matters most.
