Two of the most important legal documents you can set up to protect yourself and your loved ones are a will and a Lasting Power of Attorney. They do different things, but together, they give you more control over what happens to your money and the people you care about.
What Is a Will?
A will is a legal document that lets you decide what should happen to your money, property, and possessions after you die, and it also lets you name someone to carry out those wishes. Without a will, the law decides who gets what. Having a will means you can make sure certain people are taken care of, like children, stepchildren, or friends, and you can also leave gifts to charities or causes you care about. You can even use your will to choose guardians for your children if they are under 18.
What Is a Lasting Power of Attorney ?
A Lasting Power of Attorney lets you select someone you trust, like a family member, to make decisions on your behalf, if you lose the capacity to make them yourself. There are two types of LPAs: one for health and welfare, and one for property and financial affairs, and you can choose to set up one or both. Many people now choose to set up a Power of Attorney online, as it’s often quicker and easier than going through the traditional paper process.
Without an LPA, no one – not even your partner or children – can automatically take control of your finances or make health decisions for you. Setting up a Power Of Attorney Online gives you peace of mind and ensures that your choices are legally protected if something unexpected happens.
Why You Should Have Both
Even though a will and an LPA are different, they work together to give you protection during your life and after you’re gone. A will takes effect only after you die, while an LPA only works while you are alive, so having both means your wishes are covered no matter what.