Do I need a Lasting Power of Attorney (LPA) if I have a Will?
Many people assume that having a Will is enough to safeguard their wishes for the future, but there’s a crucial legal tool that often gets overlooked – a Lasting Power of Attorney (LPA). While both documents play an essential role in estate planning, they serve very different purposes.
Understanding the differences between a Will and an LPA can help you make an informed decision about whether you need both.
The difference between a Will and LPA
A Will outlines what happens to your assets and estate after you pass away. It ensures that your wealth is distributed according to your wishes and can also specify guardianship for children, funeral preferences, and other important matters. However, it has no legal power while you’re alive.
An LPA, on the other hand, is a legal document that allows you to appoint trusted individuals (attorneys) to make decisions on your behalf if you become unable to do so due to illness, injury or incapacity. Unlike a Will, an LPA is valid during your lifetime and ceases to be effective upon your death.
Why you may need an LPA
Even if you have a Will, an LPA is highly recommended because it:
- Covers decision-making in life – A Will only takes effect after death, but an LPA ensures that someone you trust can handle your affairs if you lose capacity.
- Avoids court-appointed control – Without an LPA, your loved ones may have to apply for a deputyship through the courts to manage your financial affairs, which can be lengthy and expensive.
- Provides health & welfare protection – A Health and Welfare LPA allows your chosen attorney(s) to make medical decisions, including treatments and care preferences, if you cannot express them yourself.
- Provides Financial Management – A Property and Financial Affairs LPA lets your attorney(s) manage your finances, including paying bills, handling investments, and selling property if necessary.
What happens if you don’t have an LPA?
If you don’t have an LPA:
- Your loved ones may not be able to access your finances or make decisions about your care.
- The Court of Protection may need to appoint a deputy, which is costly and time-consuming.
- There may be delays in medical or financial decisions, potentially leading to difficulties in handling your daily needs.
Do you need both a Will and LPA?
Absolutely! While a Will protects your wishes after death, an LPA ensures that someone can make crucial decisions if you are alive but unable to do so. Having both documents provides comprehensive protection for both your estate and your personal wellbeing.
How we can help
Estate planning isn’t just about what happens after you pass away – it’s also about making sure you’re cared for if you lose ability to make decisions. A Lasting Power of Attorney acts as a safeguard, ensuring your affairs remain in trusted hands if the unexpected happens. Speak to our professional and experienced Private Client team today on 01525 378177 or email info@ommlaw.co.uk
