How a Lasting Power of Attorney supports your Will and estate planning goals

When it comes to planning for the future, many people focus solely on writing a Will.

While your Will is an important part of ensuring your estate passes according to your wishes after your death, it does not cover what happens if you lose the ability to manage your own affairs during your lifetime.

This is where a Lasting Power of Attorney (LPA) comes in.

An LPA allows you to appoint someone you trust to make decisions on your behalf, whether that is managing your finances or making decisions about your health and welfare, should you become unable to do so yourself.

It is a key part of safeguarding your interests and protecting your estate at every stage of life.

A recent news report has highlighted just how important it is to approach LPAs carefully.

Three elderly brothers were conned out of their family farm by a church minister and a local businessman, after being persuaded to sign Power of Attorney documents.

The two men later sold the farmhouse and drained over £1 million from the brothers’ bank accounts.

It was only after a lengthy civil court case that the court found the brothers had been subject to “undue influence” and ordered the men to repay the money.

This troubling case shows how powerful an LPA can be and why it must be handled with care, proper legal guidance, and the right safeguards in place.

Why your Will might not be enough on its own

While your Will governs what happens after you pass away, it cannot help if you lose mental capacity during your lifetime.

Without an LPA, your loved ones would need to apply to the Court of Protection to be able to manage your affairs, a costly and time-consuming process.

With an LPA, you choose who will make decisions for you, ensuring that the person handling your financial affairs understands your wishes and is someone you trust completely.

How LPAs support estate planning

An LPA works alongside your Will and other estate planning tools to provide full protection for your assets and intentions.

Your attorney ensures that bills, taxes, and financial obligations continue to be managed responsibly, safeguarding the value of your estate.

Attorneys can oversee decisions such as investments, gifts within legal limits, and property management in line with your long-term estate plans.

By having an LPA in place, your family avoids the need for court applications, enabling them to act swiftly and confidently when needed.

LPAs ensure continuity, especially if you have set up trusts or specific tax planning strategies, by allowing your attorney to manage assets in line with your overall estate plan.