The Private Client team from O’Donnell Solicitors was recently asked to attend a community event in Saddleworth aimed at helping those in later life to navigate their options and take a proactive approach to planning their future.
During the event, we were asked a number of questions in relation to wills and Lasting Powers of Attorney (LPAs). Here, we relay these questions and provide answers to help others understand these key documents.
What is the difference between a will and an LPA?
A will is a legal document that outlines how your assets, property, and personal belongings will be distributed upon your death. It allows you to make decisions about how your estate should be managed and distributed after your death. In contrast, a lasting power of attorney (LPA) is a legal document that allows you to appoint someone to make decisions on your behalf if you become unable to do so yourself during your lifetime. LPAs can be used for both financial matters and health and welfare matters, giving you peace of mind that your wishes will be respected and carried out even if you are unable to communicate them yourself.
I made a will some time ago; should it be reviewed?
Yes, your will should be reviewed periodically to ensure that it reflects your current circumstances and wishes. Life circumstances can change over time, such as marriage, divorce, the birth of children, or significant changes to your wealth. Additionally, reviewing your will allows you to make any necessary updates or amendments, such as appointing new beneficiaries, adding specific bequests, or removing outdated provisions. It is recommended to review your will every 5-10 years or whenever you experience a significant life event.
My will was written by another solicitor, do I need to go to them to make changes?
Not necessarily. While it is advisable to seek professional legal advice when making a will, it is not necessary to return to your original solicitor to make changes. Many solicitors offer will amendment services, allowing you to make updates to your existing will without starting from scratch. However, it is important to consult with a solicitor to ensure that the changes you wish to make are legally valid and align with your intentions, as they may have established specific protocols and procedures for their will amendment services.
I made a will myself but am concerned about the formalities, what if I have done something wrong?
While it is not a legal requirement to have a solicitor prepare your will, it is advisable to seek professional advice to ensure the will is valid and meets the necessary legal requirements. If you made a will yourself but are concerned about the formalities, it is advisable to consult with a solicitor who can review your will and identify any potential issues or areas that require clarification. The solicitor can provide guidance on any necessary amendments or updates to ensure the will accurately reflects your wishes and is legally binding.
Do I need to pay to register/store my will?
When a solicitor has drafted a will on your behalf, they often store it for you free of charge.
Additionally, you can register your will for a small fee on the National Will Register. This service helps people find your will if it’s lost or misplaced.
What is the best time to make an LPA / am I too old to make an LPA?
The best time to make a lasting power of attorney (LPA) is when you feel that you have the mental capacity to make your own decisions. This can be at any time, as long as you are of sound mind and able to understand the nature and implications of appointing an LPA.
There is no upper age limit for creating an LPA. As long as you have a clear understanding of your wishes and the impact your choices will have (known as ‘mental capacity’), you are still able to make LPAs for both your health and financial welfare.
Hopefully, these answers will have provided some useful information into this sensitive yet crucially important area of law. If you have any further questions or would like to discuss your requirements with a member of our team, please get in touch.
