Legal News | 16.04.26
Wills and LPAs – No Turning Back
When it comes to legal documents, there is something incredibly final about ‘signing on the dotted line’. If you throw in a formal requirement for witnesses, as is the case for many documents in the Private Client area, you might feel as though there is no going back once the document has been executed. However, these things are not always set in stone…
- Wills
A Will, to which many refer as a ‘Last Will and Testament’, can feel as though it’s only done once. The document itself may even say that it is your ‘last’ or ‘final’ Will. However, it is possible to change things in the future.
If your wishes change, you can:
- Prepare a new Will, revoking your existing Will; or
- Prepare a Codicil to amend any minor provisions in an existing Will (typically, increasing or decreasing a legacy – significant amendments may require a new Will).
The caveat? If you wish to change your Will, you must have testamentary capacity. In other words, if you sign a Will and then go on to have problems with your mental capacity, you may be unable to change your Will in the future. For this reason, we at Wansbroughs will always encourage you to consider different scenarios so that your Will is fit for whatever the future holds.
- Lasting Powers of Attorney (LPAs)
As the donor (creator) of a Lasting Power of Attorney, you must sign several times alongside your attorneys, witnesses, and a Certificate Provider, all in a set order. It is no wonder that Lasting Powers of Attorney feel irreversible.
That said, provided you have mental capacity, you can opt to ‘revoke’ your Lasting Powers of Attorney if circumstances change in the future. There is a set procedure for this, and we at Wansbroughs can assist you. Often, it is prudent to set up new Lasting Powers of Attorney at the same time so that there is no ‘limbo’ period during which you have no attorneys available to act for you.
As with Wills, if you lose mental capacity, revoking your Lasting Powers of Attorney is no longer an option. You should therefore think carefully about how your Lasting Powers of Attorney are drafted and about who you appoint to act as your attorneys.
Of course, a level of finality with such important documents is for good reason. When making a Will, you are making huge decisions as to who should receive the assets you have built up over a lifetime. When making Lasting Powers of Attorney, you are bestowing upon your chosen attorneys a great deal of power to deal with your affairs on your behalf. Neither document should be set up lightly.
If, however, you find yourself in a situation where circumstances have changed and you wish to take back documents you thought were ‘final’, there are options; please do contact us at wealth@wansbroughs.com and we will be delighted to help you navigate those.
