Estate Planning with Wills, Trusts and Lasting Powers of Attorney

Without a plan in place, decisions about your estate and your welfare can end up being made without your input. If you die without a valid will, your estate is distributed under the rules of intestacy, which may not reflect your wishes. If you lose mental capacity without a Lasting Power of Attorney, your loved ones may need to apply to the Court of Protection before they can act on your behalf.

Proper estate planning avoids these outcomes. It gives you control over what happens to your assets, who benefits from them and who is trusted to make decisions if you cannot.

The benefits extend beyond your own peace of mind. A well structured plan reduces the burden on your family at a difficult time and can help avoid disputes between beneficiaries later on.

A will is the starting point for most estate plans. It sets out who should inherit your estate, appoints an executor to carry out your wishes and can include instructions on guardianship for children and your funeral preferences.

Before making a will, it helps to have a few things ready.

• A list of your main assets, including property, savings and investments
• A clear idea of who you want to benefit and in what proportions
• A chosen executor, ideally someone you have already spoken to
• Any wishes around guardianship, if you have children under 18

Writing a will without professional advice can carry risks. If a will is incorrectly drafted or improperly witnessed, it may be deemed invalid, which can leave your estate to be distributed under the rules of intestacy rather than your actual wishes. Using a solicitor helps ensure your will is legally sound and properly executed.

Once your will is in place, it is not a one time task. Life changes such as marriage, divorce, the birth of a child or a change in your financial circumstances are all good reasons to review and update your will.

A trust is a legal arrangement where assets are held and managed by one or more trustees for the benefit of another person or group of people, known as beneficiaries. Trusts can be set up during your lifetime or written into your will to take effect after your death.

People consider setting up a trust for a range of reasons, including:

• Protecting assets for children or other beneficiaries until they reach a certain age
• Providing for a vulnerable family member while keeping assets managed on their behalf
• Structuring an estate with inheritance tax planning in mind
• Keeping certain assets separate from other parts of the estate

Trusts can be more complex to set up and manage than a straightforward will, and the right approach depends entirely on individual circumstances. If you think a trust might form part of your estate plan, it is worth discussing your options with our wills and probate solicitors before deciding how to proceed.

A Lasting Power of Attorney, or LPA, allows you to appoint someone you trust to make decisions on your behalf if you are ever unable to do so yourself. There are two types, and many people choose to put both in place.

Having an LPA in place brings several benefits.

• You choose who makes decisions on your behalf, rather than leaving it to the court
• You decide when the LPA comes into effect, whether immediately or only if you lose capacity
• You can specify exactly which decisions your attorney is authorised to make
• You can leave clear instructions on your care and financial preferences
• Your family is spared the cost and delay of applying to the Court of Protection

Without an LPA, loved ones who need to make decisions on your behalf may have no choice but to apply to the Court of Protection, which can be a lengthy and costly process. Putting an LPA in place removes this uncertainty and ensures decisions stay with someone you have personally chosen.

Wills, trusts and Powers of Attorney each serve a different purpose, but together they form a complete estate plan. A will directs what happens to your estate after your death. A trust can add a further layer of control over how and when assets are passed on. An LPA protects you during your lifetime, if you are ever unable to make decisions yourself.

Thinking about these together, rather than in isolation, also makes it easier for your executor or attorney to act. Having a will, any relevant trust arrangements and LPAs all in place and up to date means your estate can be administered with less delay and fewer complications for the people you leave behind.

An estate plan should reflect your current circumstances, not the ones you had when you first put it in place. Marriage, divorce, having children, moving house or a significant change in your financial position are all good reasons to review your will, any trust arrangements and your LPAs.

Reviewing your plan periodically, even when nothing significant has changed, helps ensure it still reflects your wishes and continues to work as intended.

Estate planning covers several interconnected decisions, and getting the right advice from the outset helps ensure everything works together as intended. At GSB, our wills and probate solicitors work with clients across Leeds, York and Harrogate to provide clear guidance on wills, trusts and Lasting Powers of Attorney.

If you would like to discuss your estate planning options, please get in touch with us to book a free consultation with a member of our team.