Wills & lasting powers of attorney: What do I need to consider if I live on my own?

Wills and lasting powers of attorney are two of the most important things a person can consider when it comes to planning for the future. One of our experts recently took to BBC Radio Gloucestershire to discuss wills and LPAs for those who live on their own.

As part of Nicky Price‘s ‘Thriving Solo’ feature on BBC Radio Gloucestershire, Janine Guthrie – senior associate in our wills, trusts & probate team – joined the host in the studio to talk about how people living on their own could best go about making a will, as well as creating a lasting power of attorney and the arrangements that could provide peace of mind in later life.

The interview covers a number of key questions that need to be thought about, including those summarised below. The full conversation, however, can be listened to above.

Do people who live on their own put off making a will?

A lot of people definitely do. Sometimes they think they haven’t got enough assets to make a will, or they’re not sure where they want their assets to go, and so they put that off again. Another reason could be that it’s not obvious who they want to leave everything to.

What do people need to think about?

They need to think about whether they have any family members that they want to benefit. It may be that they want to jump a generation and go down to younger members of the family. If they don’t really have any close family, they may want to benefit friends or godchildren, etc. There may be charities that they’ve donated to throughout their life and want to make sure that they give them a decent amount after they’re no longer with us.

Do you think it’s more complicated if you are on your own and there isn’t a simple family tree?

It can be more complicated because you do have to put a lot of thought into where you want your assets to go. In a way, it’s more difficult because you’re trying to do the right thing by leaving certain assets to the right people. If you don’t have a partner or children, then you start to think ‘how far from myself in the family tree do I go?’, ‘do friends get everything?’ and things like that.

Everybody’s circumstances are different. You may have family you see periodically and believe that leaving them some money might benefit them ultimately, or you may feel you’d rather that money went to charities.

What do you need to think about if you don’t have a partner but want to arrange a power of attorney?

If you want to arrange a lasting power of attorney, it’s important and always very sensible to have open conversations with your chosen attorneys as to what your wishes are so that, when they go into it, they’re not going into it blind. It’s key that these open conversations and dialogue takes place all the way through, or those acting as your attorneys might not know anything about what your wishes are. You need to review that information on a regular basis.

Of course, you can choose – if you have them – adult children, friends, siblings, other family members like nieces and nephews, for example, to be your attorneys. Whoever you choose will have to sign a form, so they know they’re going to be appointed.

Is it important that I choose the right attorneys?

There are different types of powers of attorney – you’ve got one for property and financial affairs, and there is another for health and welfare. The latter refers to circumstances such as deciding where you might live, what treatments you have. It will also allow your attorneys to speak to your GP to arrange care for you. These are big decisions, and it even has a section where it talks about life-sustaining care – so anything that would prolong your life, you can decide whether your attorneys are able to make that decision for you.

When I work with clients I ask the questions, are these the best people? Should some be on health? Should some be on wealth? You have to match the person and their skills to the role.

It’s good to consider whether – if you’re appointing multiple attorneys – they know each other and if they get along. You need to make sure they’re going to carry out your wishes, not fight about what should happen to you.

You can listen to the full interview between Janine and Nicky at BBC Radio Gloucestershire by clicking on the video at the top of this page. More is covered there, including a guide to pricing. Please contact our wills, trusts & probate experts if you have any questions or queries – our team would be happy to help.

Our Legal 500-rated wills, trusts & probate team has the expertise to help you plan for the future and guide you through any difficult challenges that may arise, including those relating to wills and powers of attorney.