Will v Lasting Power of Attorney

Financial expert Martin Lewis recently said something I’ve been emphasising for years: a Lasting Power of Attorney (LPA) can, in many cases, be even more important than a Will.

That might sound surprising at first, so let’s look at why.

Wills – Protecting Your Family After You’ve Gone

A Will is essential because it:

• Ensures your estate passes to the people you choose.
• Can save your family time, stress and money.
• Appoints trusted Guardians if you have children under 18.

Without a Will, the law decides who inherits and who cares for your children – which may not be what you would want.

Lasting Powers of Attorney – Protecting You While You’re Alive

A Will only comes into play after your death. An LPA protects you during your lifetime if you lose the ability to make decisions yourself due to accident, illness or dementia.

With an LPA you can appoint people you trust to:

• Manage your finances and property.
• Make decisions about your health and care.

Without an LPA, your family may have to go through the Court of Protection – an expensive, slow and stressful process – just to help you.

So Which Comes First?

If you have young children, a Will is vital because only a Will can appoint Guardians.
If you don’t, then LPAs could actually be the more urgent documents, because they protect you and your family right now.

In truth, the safest plan is to have both:
• A Will, to safeguard your loved ones in the future.
• Lasting Powers of Attorney, to safeguard you (and them) during your lifetime.

A Balanced Approach

Think of it like weighing two essentials. On one hand, a Will secures your family’s future. On the other, LPAs secures your present. Together, they provide complete peace of mind.

Frequently Asked Questions

Do I need a Will or a Lasting Power of Attorney first?

If you have young children, a Will is essential to appoint Guardians. If not, LPAs may be more urgent, as the protect you during your lifetime.

What happens if I don’t make a Will?

Your estate will be distributed under the rules of intestacy, which may not reflect your wishes. The courts may also decide who becomes Guardian for your children.

What happens if I don’t make a Lasting Power of Attorney?

If you lose mental capacity without an LPA, your family may need to apply to the Court of Protection to make decisions for you – a slow, stressful and costly process. And often refused in some types of decision.

Is a Will more important than a Lasting Power of Attorney?

Neither is strictly “more important” – they do different jobs. A Will protects your family after death, while an LPA protects you and them during your lifetime. Most people need both.

Does Martin Lewis recommend Lasting Powers of Attorney?

Yes. Martin Lewis has said LPAs can be even more important than Wills because they safeguard your affairs while you’re alive if you lose capacity.

Need Help Getting Started?

To make a Will or set up Lasting Powers of Attorney, contact:

Stephen Pett CmpnSWW, AffSTEP, DMS
📧 steve@theprofessionalwillwriter.co.uk
📞 01323 766766
🏠 5 Malcolm Gardens, Polegate, BN26 6PN