What is best: Powers of Attorney or a Will?
Posted on 30th October 2023
Our Solicitors in Lytham are frequently told by clients that they do not need a Will because they have Lasting Powers of Attorney, or they do not need Lasting Powers of Attorney because they have a Will. Unfortunately, Wills and Lasting Powers of Attorney are not interchangeable, and our Solicitors in Lytham would always advise having both in place, as valid legal documents, to ensure that your affairs are covered in the future. So, what is the difference between Wills and Lasting Powers of Attorney, and when will you need the documents? Our Solicitors in Lytham have discussed this, below.
Contact our Solicitors in Lytham to discuss Wills and Lasting Powers of Attorney
What is a Will?
A Will is a legal document which, when validly prepared and signed, is used after your death to stipulate who benefits from your estate, that is to say who receives your remaining monies, personal possessions, property, or other assets. A Will should state who the executors of your Will are- these are the people who are named as being responsible for dealing with your estate- and it should also make provisions for any gifts you want to leave. Finally, it should state who receives your estate, usually with a 'longstop' beneficiary, in case your initial beneficiary cannot inherit, for example if they die during your lifetime.
A Will is only valid if it is signed correctly, in the presence of two witnesses, who must also sign the document. Our Solicitors in Lytham frequently come across home made Wills that are not signed correctly, rendering them- and the wishes contained within- invalid. You can read more about that on our Lytham Solicitors' blog, here.
To reiterate: a Will sets out who will benefit from your estate after you have died. To make a Will, or update your current Will, contact our Solicitors in Lytham, or indeed, our Solicitors at any of our offices- Garstang, Lancaster, and Longridge- below.
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What are Powers of Attorney?
Lasting Powers of Attorney [LPAs]- or Powers of Attorney- are important documents in which you- referred to as the Donor- can nominate people- known in the documents as attorneys- to manage your affairs if you lose capacity. There are two types of Lasting Powers of Attorney: one relating to Property and Financial decisions, and the other relating to Health and Care decisions. The Donor can choose to make either one or both types.
Lasting Powers of Attorney are flexible. The Property and Financial decisions LPA can be set up so they can be used whilst the Donor has capacity, only usable at their direction, or only usable if they lack capacity. The documents can incorporate instructions, preferences, and even restrictions, controlling their use in a way the Donor feels comfortable with. The Health and Welfare decisions LPA can authorise attorneys to give consent to life sustaining treatment, if the Donor wishes, and can set out the Donor's wishes in respect of where they would live, if they lack capacity, and their preferences as to their lifestyle.
Again, to summarise, LPAs are documents set up to appoint people chosen by the Donor to assist them if they lose capacity during their lifetime. They are imperative documents to have in place for most people, especially those who own property, have bank accounts, stocks, shares, ISAs, or for anyone in respect of their Health and Care decisions. To discuss Lasting Powers of Attorney, contact our Solicitors in Lytham on 01253 202452.
Do I need a Will and Powers of Attorney?
These documents generally go hand-in-hand. Our Solicitors in Lytham find that most our of Wills clients will make Lasting Powers of Attorney around the same time as they make or update their Will. Similarly, our Lasting Powers of Attorney clients often update their Wills when they make Powers of Attorney, to ensure their affairs are in order. Many of our Solicitors in Lytham's clients comment that they feel like they have ticked off their 'life administration' jobs, and can simply put the documents to one side until they need them; a weight off their minds, indeed.
There is no scale of importance to making the documents; if you do not have Powers of Attorney in place and you lose capacity, your loved ones face around 18 months of costly Court of Protection applications before they can manage your affairs, even the most basic everyday banking. Likewise, if you do not have a valid Will in place, after your death your loved ones can find themselves making a time consuming application to the Probate Registry to confirm their entitlement to your estate, before they even have the legal authority to start the administration of your estate. Whichever you look at it, by putting these important documents in place sooner, you can save you and your loved ones an expensive headache down the line.
Are MG Legal "Wills Solicitors in Lytham" and "Lasting Power of Attorney Solicitors in Lytham"?
Yes- our team of Wills and Lasting Power of Attorney Solicitors at MG Legal are now in Lytham. Whilst our clients in Lytham have certainly used us for many years, they will be pleased to know that they now have an office on their doorstep.
At MG Legal, we pride ourselves on our excellent service- with hundreds of 5 star reviews from our repeating clients- and transparent fixed-fees, so our clients know where they stand with the costs of their matter from the beginning. Our Solicitors in Lytham are available for face-to-face, video, and telephone appointments, or can even visit you at your home, if required.
We like to try and help as many people have access to our Solicitors in Lytham as possible, so if you- like us- are busy during office hours, we offer out-of-hours appointments.
Why choose MG Legal's Solicitors in Lytham?
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