There are various times in our lives when we have to make plans or consider decisions that feel difficult or uncomfortable. One area that many find difficult is the subject of arrangements for the future, particularly making a will and also setting up a lasting power of attorney. Both of these things are legal documents that can play crucial roles in managing your affairs, both during your lifetime and after your death. None of us want to consider the possibility of our declining health or our death, however in planning for both you are protecting your wishes and your loved ones from potential misunderstanding in the future.

Will (Last Will and Testament) A will is a legal document that outlines how your money, assets and personal affairs are to be handled after your death. The importance of a will includes: Money & Asset Distribution: A will ensures that your property, savings, and other assets such as jewellery, art, cars etc are distributed according to your wishes. Without a will, state laws (intestacy laws) dictate how your assets will be divided, which may not be the same as your wishes prior to your death. Guardianship of Underage Children: If you have children who are under the age of sixteen, a will allows you to name a guardian to take care of them in case both parents pass away. Without a will, a court may decide who will care for them. Executor Appointment: A will allows you to appoint an Executor — a person responsible for carrying out your instructions in your will. This gives you control over who manages the settlement of your estate and the distribution of your money and assets. Avoiding Family Disputes: Clearly outlining your wishes in a will can help to prevent family conflicts over the inheritance of your money and assets or guardianship of the children (where applicable). Tax Efficiency: A well-structured will can help reduce estate taxes (where applicable depending on the inheritance tax threshold) and ensures your heirs receive as much of your estate as possible.

Lasting Power of Attorney (POA) A power of attorney is a legal document that gives someone whom you trust the authority to act on your behalf in financial, medical, or legal matters in the event of you being unable to deal with things yourself. There are different types of POAs, each serving a distinct purpose: Financial Power of Attorney: This allows the person you trust to manage your financial affairs, such as paying bills, managing investments, or handling the sale of your property if you become unable to do so due to illness or incapacity. Healthcare Power of Attorney (Medical POA): This gives someone the authority to make medical decisions on your behalf if you are unable to communicate your wishes. This is critical for ensuring that your healthcare preferences are respected during emergencies.

Importance of an LPOA: Avoiding Court Intervention: Without a POA, a court may need to appoint a guardian to manage your affairs if you become incapacitated. This process can be costly, time-consuming, and not always in line with your wishes. Flexibility in Decision-Making: A POA allows a person you trust to manage your financial and healthcare decisions efficiently, avoiding delays during times when immediate action may be necessary. Maintaining Financial Stability: With a financial POA, your bills can be paid, and your financial matters can be handled smoothly, even if you are unable to oversee them personally.

In Summary A will is essential for planning what will happen to your money and assets after death, while an LPOA is crucial for managing your affairs during your lifetime if you become unable to deal with matters yourself. Both documents are vital in ensuring that your wishes are respected, your loved ones are cared for, and your assets are managed and disposed of in a way which is appropriate to your plans before you either became ill or you died. Death may seem far off and ill health something that happens to others. We all hope to lead long and happy lives. Let’s do so safe in the knowledge that we have planned well and that our affairs are in safe hands.