Why Every Family Should Have a Will and Lasting Power of Attorney

Planning for your future involves more than just setting financial goals or saving for retirement. It also means putting legal protections in place to make sure your wishes are respected and your loved ones are cared for, no matter what happens. Two of the most important documents for this are a will and a power of attorney. While it might feel uncomfortable to think about, getting these documents in order offers clarity and security for both you and your family.

Having a clear plan removes uncertainty during what would already be a difficult time. It lets you decide how your assets are distributed, who will care for your children, and who can make decisions for you if you can’t. Without these instructions, the law makes these decisions, and the outcome might not be what you wanted.

Why Everyone Needs a Will

Two people sit at a desk holding pens, discussing and reviewing a power of attorney document. Stamps and paperwork are on the table. Only their hands and part of their torsos are visible.

A Will is a legal document that explains what should happen to your property, money, and possessions (your ‘estate’) after you die. Many people think Wills are only for the wealthy or the elderly, but this isn’t true. Anyone with assets, dependents, or specific wishes should have one.

If you die without a valid Will, you’ve died ‘intestate’. When this happens, your estate is distributed based on strict legal rules called the rules of intestacy. These rules might not match your personal wishes. For example, they don’t automatically include unmarried partners or step-children, which can create distressing and complicated situations for those left behind.

A Will lets you:

Appoint guardians for your children under 18.
Specify who inherits your assets, from property to sentimental items.
Leave gifts to friends, unmarried partners, or charities.
Set up trusts to manage inheritances for young or vulnerable beneficiaries.
Potentially reduce the Inheritance Tax your estate has to pay.

Having a Will is the only way to guarantee your intentions are legally recorded and followed. It gives you control and ensures the people you care about most are provided for in the way you see fit.

The Role of a Power of Attorney

While a Will takes effect after you die, a Power of Attorney (PoA) is a legal document that appoints one or more people (called ‘attorneys’) to make decisions for you while you’re still alive. This is crucial for situations where you might lose the mental capacity to manage your own affairs, perhaps due to illness or an accident.

There are different types of PoA, but for future planning, a Lasting Power of Attorney (LPA) is the most common. In the UK, there are two kinds of LPA:

1. Health and Welfare: This allows your attorney to make decisions about your daily routine, medical care, moving into a care home, and refusing or consenting to life-sustaining treatment. It can only be used once you’re unable to make your own decisions.

2. Property and Financial Affairs: This gives your attorney the power to manage your finances, such as paying bills, collecting benefits, or selling your home. This can be used as soon as it’s registered, with your permission.

Creating an LPA shows foresight. Without one, if you lose capacity, your loved ones would have to apply to the Court of Protection to become a deputy. This process can be long, expensive, and stressful. Setting up an LPA in advance ensures someone you trust can step in immediately to manage your affairs. Because the process involves legal documentation, registration, and important decisions about your future, working with an experienced solicitor can help ensure everything is completed correctly and reflects your wishes. It’s a vital tool for protecting your interests if you become unable to do so yourself.

Choosing Your Executors Wisely

When you write a Will, you must name one or more ‘executors’. These are the people responsible for managing your estate and carrying out your instructions. This role is significant and involves a lot of legal and administrative responsibility, so choosing your executor is extremely important.

An executor’s duties include finding the Will, applying for a grant of probate (the legal right to deal with the estate), gathering all assets, paying off any debts and taxes, and distributing what’s left to the beneficiaries. This can be a complex and time-consuming job. When choosing your executors, pick individuals who are trustworthy, organised, and capable of handling financial matters.

You can appoint family members, friends, or professionals. Many people choose their spouse or adult children. However, it’s important to consider if they have the time, skill, and emotional resilience to handle the task during a time of grief. You should always ask someone before appointing them as your executor to make sure they’re willing to accept the responsibility. You can appoint more than one executor to share the workload, and it’s also wise to name a substitute in case your first choice can’t act.

Legal Considerations for Your Future

Alongside creating a Will and Lasting Power of Attorney, it’s worth taking time to organise the rest of your important legal and financial information. Keeping records of bank accounts, insurance policies, pensions, property documents, and other important paperwork in one secure place can make things much easier for your loved ones if they ever need to manage your affairs.

It’s also a good idea to think about your digital life. Online banking, email accounts, social media profiles, cloud storage, and subscription services all form part of your digital legacy. Keeping an up-to-date record of these accounts and explaining how you’d like them managed can save your family unnecessary stress later on.

If your circumstances are more complex, for example, if you own a business, have significant assets, or have a blended family, professional legal advice can help ensure your plans reflect your wishes. Taking the time to review your arrangements now can provide peace of mind and help avoid unnecessary complications in the future.

Updating Your Legal Documents

A judge's hands holding a document, with a wooden gavel and sound block in the foreground and law books and scales in the background.

Creating a Will and LPA isn’t a one-time task. You should review and update these documents regularly to reflect changes in your life. An outdated Will can be just as problematic as having no Will at all, as it might no longer represent your wishes or your current family and financial situation.

You should review your legal documents every five years as a matter of course. More importantly, update them immediately after any major life event, such as:

Getting married or entering a civil partnership (as this automatically cancels an existing Will in England and Wales).
Getting divorced or dissolving a civil partnership.
The birth of a child or grandchild.
A significant change in your financial position, like receiving an inheritance or selling a business.
The death of a named executor or beneficiary.

Keeping your documents current ensures they remain relevant and effective. A quick review with a legal professional can confirm if your existing documents still meet your needs or if changes are required. This proactive step helps prevent disputes and ensures your plan works as intended when the time comes. Regularly reviewing your will is a fundamental part of responsible estate planning.

Taking the time to formally document your wishes is one of the most thoughtful things you can do for your family. It gives them a clear roadmap to follow, easing their burden during an already emotional period and ensuring your legacy is handled exactly as you intended.

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