Do I need a Will and a Lasting Power of Attorney?

Black Norman Solicitors has been advising clients in Crosby and the North West on estate planning, Wills and Lasting Powers of Attorney (LPA) for over 30 years, and we are often asked by clients, ‘do I need a Will AND Lasting Power of Attorney?’

What to consider when making a Will

A Will is a legal document that sets out a person’s instructions regarding the distribution of their assets after their death. 

There are several issues that need to be addressed when making a Will. These include:

• the appointment of Executors, 
• the appointment of Guardians, 
• specific gifts, 
• cash gifts, 
• any remaining assets, 
• inheritance tax planning, etc. 

Without a Will in place, you have no control over what happens to your assets after your death.

Lasting Power of Attorney

It is fairly common for a person to execute a Will, however, it is less common for someone to execute a Lasting Power of Attorney. A Lasting Power of Attorney is a document that enables you as the ‘Donor; to appoint a family member to act as your ‘Attorney(s)’ to act on your behalf in the event of mental incapacity or physical incapacity. 

There are two types of Lasting Power of Attorneys:

• Lasting Power of Attorney for Health and Care – This allows an attorney to make decisions that might affect your health and welfare, such as medical care, where you live and your daily routine.
• Lasting Power of Attorney for Property and Financial Affairs – This allows an attorney to make decisions regarding your finances, from money, bills and tax to pensions, property and investments.

Why do you need a Lasting Power of Attorney and a Will?

It is important to put a Will and Lasting Powers of Attorney in place, this will ensure that your estate is dealt with and managed in a way that you would like. Without a Lasting Power of Attorney in place, you are not protected if you were to suffer an illness that affects your mental capacity, such as Alzheimer’s or a stroke. 

 In the absence of a Lasting Power of Attorney, it may be necessary for a friend or relative to apply to the Court of Protection, for a Court Order to manage your affairs. 

Lasting Power of Attorney advice from Black Norman

To conclude, when we are asked, do our clients need a Lasting Power of Attorney and a Will, the answer is yes! Putting a Will and both Powers of Attorney in place ensures your estate is dealt with in accordance with your wishes whilst you are living and when you have passed away. It makes life easier for your close ones and ensures the probate process is more streamlined.

Therefore, if you’re looking for a solicitor in Liverpool or the wider Merseyside area to assist with your Will or LPA, do not hesitate to contact Black Norman today. Our opening hours are 9am to 5pm on weekdays. Out of hours appointments and home visits can be accommodated by prior arrangement. Please fill in our contact form and a solicitor will be in touch.