Will vs Lasting Power of Attorney: what's the difference?
These two get mixed up a lot. Both are "getting your affairs in order" paperwork, both feel a bit daunting. But they cover completely different situations.
A will covers what happens after you die
A will sets out who inherits your money, property and possessions, who should look after any children under 18, and who you'd like to act as executor. It only comes into effect after you've died.
An LPA covers what happens while you're still alive
A Lasting Power of Attorney lets you choose someone you trust to make decisions on your behalf if you're ever unable to make them yourself, because of illness, an accident, or a decline in mental capacity.
- Property and financial affairs covers bills, bank accounts, or selling your home if needed
- Health and welfare covers medical care and daily living decisions
Without an LPA in place, your family can't simply step in and manage things for you if you lose capacity, not even a spouse. They'd need to apply to the Court of Protection, a slower and more stressful process.
Why most people need both
An LPA protects you while you're alive but unable to act. A will protects the people you leave behind after you're gone. Most people who've thought properly about "getting their affairs in order" end up needing both.