Do I Need a Lasting Power of Attorney as Well as a Will?
Many people create a will and assume their future planning is complete.
However, a will only takes effect after death.
A Lasting Power of Attorney (LPA) protects you while you are still alive.
Together, a will and an LPA form the foundation of a comprehensive estate plan.
What Does a Will Do?
A will allows you to:
- Decide who inherits your estate
- Appoint executors
- Name guardians for children
- Leave gifts to loved ones
Your will only becomes effective after your death.
What Does a Lasting Power of Attorney (LPA) Do?
A Power of Attorney allows trusted individuals to make decisions on your behalf if you lose mental capacity or become unable to manage your affairs.
There are two types:
Property and Financial Affairs LPA
This allows attorneys to manage:
- Bank accounts
- Bills
- Property transactions
- Investments
Health and Welfare LPA
This allows attorneys to make decisions about:
- Medical treatment
- Care arrangements
- Living arrangements
What Happens Without a Lasting Power of Attorney?
If you lose capacity without an LPA in place, your family may need to apply to the Court of Protection.
This process can be expensive, time-consuming, and stressful.
An LPA allows decisions to be made more quickly and efficiently.
Why Do I Need Both?
A will protects your wishes after death.
An LPA protects your interests during your lifetime.
Together they provide complete protection for you and your family.
Estate Planning for Norfolk Families
At The WillMaker Group, we help Norfolk residents put both wills and LPAs in place to ensure they are protected whatever the future may bring.
Contact us today to discuss your options and secure peace of mind for yourself and your loved ones.