Which type of planning...

In simple terms, making a Will or writing a Will gives you a choice over how assets are distributed so it forms the bedrock on any estate plan.

Unfortunately, there are laws in place that dictate where assets end up if you die without a Will, called the Rules of Intestacy, and the result may not be the way that you would have wished your money and possessions to be distributed  - so it makes sense to officially record your wishes.

Wills are also the best way to appoint Legal Guardians for your children. and to avoid Social Services becoming involved in who looks after you young children if you were to die

The main reason why so many people include a Will Trust in their planning these days is to give flexibility and a greater level of protection to their planning. 

A simple Trust incorporated in a Will doesn't have to cost much more that the Will itself,  but it gives valuable peace of mind.  

Family or Lifetime Trusts, which are set up during someone's lifetime, will do all that a trust in a Will can do. But, in addition, they can help avoid the Probate process for assets and protect against challenges to those assets.    

A Lasting Power of Attorney (‘LPA’) superseded the Enduring Power of Attorney in 2007 (this is occasionally mistakenly referred to as a Durable Power of Attorney) and is a legal document that allows someone you trust to help you make decisions if you can't. 

There are two types of Lasting Powers of Attorney:

Property and Affairs Lasting Power of Attorney

Health and Welfare Lasting Power of Attorney

Unfortunately, should you suffer a loss of capacity without LPAs in place, a decision will be made for you by the state until someone you trust makes an application to the Court of Protection for a Deputyship Order - and that takes between 4 and 9 months and often costs in excess of £2,500.