As experienced will solicitors, we often deal with some tricky inheritance cases, not least when someone wants to contest a will. The situation can be much worse when somebody dies intestate, as there is no written evidence to back up claims some people might want to make on behalf of an estate. However, lacking power of attorney can be worse still.

Power of attorney is something that a nominated person can use to act on behalf of an individual who is still alive, but no longer in any capacity to make decisions for themselves or about their estate. This would typically include someone affected by an accident, illness or cognitive decline that leaves them mentally incapacitated.

Why Is Power Of Attorney So Important?

Speaking about the issue on TV, financial expert Martin Lewis described having power of attorney in place as being even more important than a will.

He explained that with or without a will, the upshot is that “the money is going to go on to other people and you won’t use it anymore.”

He added: “But if you lose your faculties, if you lose your ability to look after yourself mentally, then the question is what happens to your finances?”

Mr Lewis noted that nobody should assume that others can access that money to pay for care, with any application involving a lengthy court process and possibly giving the power to someone you wouldn’t have wanted to have it.

How Can A Will Be Combined With The Power Of Attorney

The point is a valid one, although we would certainly not advise anyone to appoint a power of attorney without getting a will. Instead, it makes sense to do them all together. By doing this, you could get the following arrangements in place:

•       A will that lays out your wishes for the disposal of your estate
•       Provision within the will for one or more people to exercise the power of attorney if you are incapacitated
•       Any revisions to your will that would only come into effect if a power of attorney were required, such as changes to amounts of money bequeathed if some of it has to be used for your care
•       Details of the care you should receive if you become incapacitated, which the nominated attorney should facilitate

Put together, these details can provide a comprehensive package that covers all bases. If you retain your faculties until you die, the will as originally devised will then be enacted by the executors. If you are incapacitated, the provisions will help ensure your wishes and that any necessary adjustments are fulfilled.

Can You Revoke Power Of Attorney?

An important aspect of the lasting power of attorney system is trust. The attorneys must agree to it and sign forms to do so as part of the process.

If you appoint someone with lasting power of attorney over your affairs, you can also revoke it (provided you have the mental capacity to do so), so if, for example, you fall out with the nominated attorney, or changing circumstances mean they can no longer exercise the duty, you can replace them.

Just as some are reluctant to make a will at a younger age, as they have no plans to die, so nobody wants to imagine that they may lose the capacity to handle their own assets. But a power of attorney, like an insurance policy, ensures that you have the provisions in place in the unfortunate situation of their use becoming necessary.