A correctly drafted Will allows you to nominate people you trust to look after your children, choose who should administer your Estate, name the people you want to benefit , leave specific gifts of items or fixed sums of money, direct funeral arrangments and create Trusts to help preserve your assets for future generations.
If you are domiciled in England or Wales and die without a valid Will, the State makes decisions about who should inherit your estate. If you have children that are under the age of 18, the State makes decisions about who will take care of them, their living arrangements and management of their education and finances.
Lasting Power of Attorney
If you suffer an unexpected illness or accident leaving you unable to manage your own affairs, you will need somebody you trust to make decisions for you. A lasting power of attorney (LPA) gives another individual or individuals the legal authority to look after specific aspects of your financial affairs, health and welfare. You can only set up a Lasting Power of Attorney when you have mental capacity. Once you've lost capacity, it's too late. Even if you are married or in a registered civil partnership, your next of kin have no automatic legal right to look after your affairs for you.