Wills and Lasting Powers of Attorney

Estate planning starts with two documents. Neither is expensive, both are neglected, and the cost of not having them is far higher than the cost of getting them done.

A will

A will sets out who inherits what when you die and who administers your estate. Without one, the intestacy rules decide — and they may not match your intentions, particularly for unmarried partners, stepchildren, or where the estate is more complex.

A will should be reviewed after any major life event:

• Marriage or civil partnership (which automatically revokes a previous will unless made in contemplation).
• Divorce.
• Birth of children or grandchildren.
• Significant change in assets.
• Death of a named executor or beneficiary.

DIY will kits are fine for simple situations but a solicitor is worth the fee for anything involving trusts, business assets or blended families.

Lasting Powers of Attorney (LPAs)

An LPA lets someone you trust make decisions on your behalf if you lose capacity — through illness, accident or age. There are two types, and you need both:

• Property and financial affairs — pay bills, run bank accounts, sell property.
• Health and welfare — decisions about medical treatment and care.

You must have mental capacity to make an LPA, so this is not something to leave until "later" — later often never comes. Once signed, LPAs are registered with the Office of the Public Guardian, which currently takes several months.

Storage and access

Whoever you appoint needs to know the documents exist and how to find them. A sealed envelope with your solicitor, or a certified copy with the named attorney, is the usual approach.