Making a Will or putting a Lasting Power of Attorney for Property and Financial Affairs or Health and Welfare in place is something many people mean to do but often delay until life becomes more complicated. In reality, the best time to act is usually when your responsibilities, finances or family circumstances change.

A will helps ensure your Estate passes according to your wishes. A Lasting Power of Attorney (“LPA”) allows someone you trust to make decisions on your behalf if you lose mental capacity or before if you so wish. Both are important planning tools, and certain life events are a clear sign that it may be time to put them in place.

Buying a property? It may be time to make a will

Buying a home is often the first major financial commitment people make. It is also one of the most common points at which people decide to make a will.

If you own a property and do not have a will in place, there is a risk that your share may not pass in the way you expect. This can make matters more complicated for your family and may create particular problems for unmarried partners.

How your property is owned also matters. If you buy with another person, the legal structure of ownership can affect what happens to your share when you die. A properly drafted will help make your intentions clear and legally effective. If you are unsure where to begin, our guide to making a will explains when to start and what to consider.

Having children makes a will essential

Having children is one of the clearest reasons to make a will. At that point, planning is no longer just about your assets. It is about protecting your children and making sure the right people are in place to support them.

A will allows you to:

• appoint guardians for your children;
• decide how money and assets should be managed on their behalf; and
• make financial provision in a clear and structured way.

Without a will, important decisions may be left to the courts. That can create uncertainty at an already difficult time and may lead to outcomes you would not have chosen yourself.

Unmarried couples need a will to protect each other

Many people still assume that long-term partners have the same legal protection as married couples or civil partners. In England and Wales, that is not the case.

If you are not married or in a civil partnership, your partner does not automatically inherit from your Estate if you die without a will. They may also face difficulties in relation to the family home or need to pursue a legal claim to seek financial provision. Our article on intestacy explains what can happen when someone dies without a valid will in place.

For unmarried couples, a will is often the only reliable way to make sure a partner is protected.

Supporting elderly parents? Consider a Lasting Power of Attorney

As parents get older many families begin thinking more seriously about future care and decision-making. This is where an LPA can be particularly important.

An LPA allows someone to make decisions on your behalf if you lose the ability to do so yourself. There are two types:

Property and Financial Affairs LPA

This covers matters such as bank accounts, bills, property and wider financial decisions.

Health and Welfare LPA

This covers issues such as medical treatment, care arrangements and day-to-day welfare decisions.

If an LPA is not in place before capacity is lost, family members may need to apply to the Court of Protection instead. That process can be more time-consuming, restrictive and expensive than making an LPA in advance. You can read about lasting powers of attorney and how they work.

Putting an LPA in place early gives clarity over who will act for you and helps avoid unnecessary stress for those close to you.

Marriage, divorce and other major changes should prompt a review

Some events should not only trigger a first will or LPA, but also a review of any documents already in place.

These include:

• marriage or civil partnership;
• divorce or separation;
• starting or selling a business; 
• receiving an inheritance;
• entering a blended family arrangement; and
• significant changes in your financial position. 

Your will and LPAs should reflect your current circumstances. A document that was suitable a few years ago may no longer give the right protection now.

Why timing matters

One of the most common problems is simply leaving things too late.

A will can generally be made at any time, provided the person making it has the required mental capacity and the document is properly executed. An LPA, however, must be put in place while the person still has mental capacity. Once capacity has been lost, it is no longer possible to make one.

That is why major life events should be treated as a prompt to act rather than something to revisit later.

Speak to a Lawyer about making a will or LPA

Putting a will or LPA in place does not need to be complicated, but it does need to be done properly.

If you have bought a property, started a family, entered an unmarried relationship or are planning ahead for later life, now may be the right time to review your position and put the right arrangements in place. At stevensdrake, our Wills, Trusts and Probate team advises clients on wills, LPAs and related planning issues.