It’s likely that you have heard of a will, and quite possibly an LPA, or Lasting Power of Attorney to give it the full title, too. There are some key differences between these two documents.
Lasting Power of Attorney
An LPA allows anyone to nominate a trusted family member or friend to step in and act in your best interests should you lose capacity to make your own decisions – for example, due to an illness such as Alzheimer’s.
The timing of signing an LPA is important. It’s essential that LPAs are arranged while a person still has capacity, and is able to process information and make the decision independently.
Arranging a UK Power of Attorney is straightforward, thanks to specialist solicitors such as https://powerofattorneyonline.co.uk.
Wills
A will, on the other hand, details what will happen to their estate and their assets, as well as any wishes the person may have had about a funeral or charitable giving. A will is also a very important document, since if a person dies without having made a will, certain rules dictate how any money and possessions should be allocated, which might not be what the person would have wanted.
Crucially, a will only comes into legal force once a person has already passed away.
Both Lasting Power of Attorney and Wills are important documents, and it’s worth taking the time to arrange these well in advance – although, of course, everyone hopes not to need them until the distant future!