What Is Estate Planning?

What does estate planning actually involve?

Estate planning combines a will, a lasting power of attorney, and where needed a trust, into a single, coordinated plan. Each document does a different job, and most people need at least the first two.

A will decides who inherits your estate and who is responsible for carrying that out. A lasting power of attorney decides who can make financial or medical decisions for you if you lose mental capacity, something a will cannot do, since a will only takes effect after death. After death, your executors then take the estate through probate, the legal process that gives them authority to deal with it. A trust adds a further layer of control, useful for blended families, vulnerable beneficiaries, or protecting a home, but it is not something everyone needs. Bringing these together, rather than treating them as separate errands, is what makes a plan actually work as intended. For larger estates, a plan also considers inheritance tax, because how an estate is structured and who inherits affects whether any is due.

Is estate planning only for wealthy people?

No. Estate planning matters for anyone with money, property, children, or a partner they are not married to, regardless of the size of their estate. The myth that it is only for the wealthy leaves ordinary families exposed.

Without a will, the intestacy rules decide who inherits, and they exclude unmarried partners and stepchildren entirely, whatever the estate is worth. Without a lasting power of attorney, even a spouse has no automatic right to manage your finances if you lose capacity, and family may need to apply to the Court of Protection instead. Both of these problems hit ordinary families with modest estates just as hard as wealthy ones, since the gap is about who decides, not how much there is to divide.

When should you start estate planning?

The usual triggers are marriage, having children, buying property, a relationship breakdown, or simply not having anything in place yet. There is no minimum age or wealth threshold.

Marriage or a civil partnership automatically revokes an existing will, which surprises most people. Having children raises the question of who would look after them, and who manages any inheritance until they are old enough. Buying a property, particularly with someone you are not married to, is one of the clearest moments an estate plan matters, since property ownership does not automatically pass the way people assume. If none of these apply to you yet, having nothing in place simply means the statutory default applies instead of your own wishes.

How much does estate planning cost?

A basic plan, a solicitor-checked will and, where needed, an LPA, can cost under £100 combined, while a trust adds solicitor fees on top. Cost scales with complexity, not with how much you own.

A single online will is £19.99, an LPA registration is £92 through the Office of the Public Guardian, and a trust varies depending on what it needs to do. The full cost breakdown covers what pushes the price up. For most people with a straightforward situation, wills and an LPA cover everything that matters, and a trust is only worth adding for a specific problem, not as a general upgrade.

What happens if you do nothing?

Without a will, intestacy rules distribute your estate by formula. Without an LPA, family may need court involvement if you lose capacity. Doing nothing does not avoid these outcomes.

Both gaps are entirely avoidable, and neither requires the full weight of “estate planning” as a formal exercise to fix. A will and, where relevant, an LPA cover the two most common and most consequential gaps. A trust is worth adding only once those two are in place and you have identified a specific reason for one.

Frequently asked questions

What is the difference between a will and estate planning?

A will is one document dealing with what happens to your estate after death. Estate planning is the broader process, which can include a will alongside a lasting power of attorney and, where relevant, a trust, covering both death and loss of mental capacity.

Do I need a solicitor for estate planning?

Not necessarily for a straightforward will, where a solicitor-checked online service is enough for most people. Trusts and complex estates benefit from proper legal advice, since the wrong structure can cost more in fees and tax than it ever saves.

What documents are involved in estate planning?

Typically a will and a lasting power of attorney, and sometimes a trust deed for anyone who needs one. Together these cover who inherits, who is in charge of your estate, who decides for you if you lose capacity, and how any trust assets are managed.

At what age should you start estate planning?

From 18, since that is the minimum age to make a will or an LPA in England and Wales. Common triggers are marriage, having children, or buying property, but there is no need to wait for a specific milestone if you already own anything or have people who depend on you.