Our expert Wills and Probate Solicitors are here to help you plan for the future and support you through what can be a difficult time. Below are answers to the most common questions we receive about wills, probate, and lasting powers of attorney (LPAs).
What is a Will?
A Will is a legal document which sets out how your estate will pass when you die. This includes your money, property and possessions. You are entitled to choose which individuals will benefit from your assets when you pass away and a Will ensures that you can have control over this.
What happens if I don’t have a Will?
When you die without a Will, this is known as intestate. Your estate will be divided up following the rules of intestacy. This means that your estate may fall to beneficiaries whom you did not intend it to. The rules of intestacy follow that, if you are married or in a civil partnership, then your partner receives all your property and possessions, and the first £322,000 of your estate, and half of the remaining estate. The estate then follows the route of children, parents, grandparents, aunts and uncles, and if there are no surviving relatives then your estate will go to the Crown.
What is probate?
Probate is the legal process of administering someone’s estate after they have passed away and left a valid will. The process includes applying to the court for a Grant of Probate (a document confirming the executor’s authority), collecting assets and paying any debts, and distributing the estate according to the will.
The Probate Registry currently estimates a timeframe of around 16 weeks, but delays are common, particularly where inheritance tax, foreign assets or business interests are involved.
What is an LPA?
A Lasting Power of Attorney is a document issued by the Office of the Public Guardian that allows the individual to appoint specific individuals who will manage their affairs. There are 2 types of Powers which oversee different aspects. The first is a Health and Welfare Power, and the second is a Property and Financial power. Many people assume that attorneys can only step up and assist when the individual has lost mental capacity, but a Property and Financial power can actually be used before mental capacity is lost, to assist the individual with finances etc.
What is the difference between LPA and EPA
An Enduring Power of Attorney (EPA) was the previous legal document used before LPAs were introduced in 2007. Key differences:
- EPA – covers property and finances only and can only be used once the person has lost mental capacity.
- LPA – allows for health & welfare decisions too and can (if chosen) be used before capacity is lost for financial matters.
If you have an EPA, it may still be valid, but it does not offer the same level of protection as LPAs. We recommend booking a consultation so we can review your documents and advise whether updating to LPAs would be beneficial.
Need help with Wills or Probate?
Whether you want to make a will, set up LPAs, or need help with probate, our expert Wills and Probate Solicitors are here to support you every step of the way. Call us today or fill out our online enquiry form to get started.
