If I have a will, why do I need Lasting Power of Attorney?
Many people confuse a will with a Lasting Power of Attorney – or assume that because they have a will, they automatically have some sort of power of attorney.
To answer the question of why you need a power of attorney if you have a will, here’s a very simple explanation:
A lasting power of attorney is the opposite of a will – they could not be more different.
A will covers your desires to protect the interests of your beneficiaries after you die, but the Lasting Power of Attorney is designed to protect your own interests while you are still alive – up to the point where you die. When you die, your power of attorney stops, and the will takes over. There is no overlap. Find out more at a Solicitors Southend, like Drysdales, a leading Solicitors Southend firm.
In essence, by setting up a Lasting Power of Attorney, you are allowing a trusted person the authority to make decisions that are in your best interests – while you are still alive and breathing but possibly mentally incapacitated.
Once the point of mental incapacity has been reached, it is often no longer possible to organise a Lasting Power of Attorney. It’s a bit like an insurance policy and when it’s organised, you don’t need to think about it and can hope it never needs to be used.
Indeed, having a lasting power of attorney is very important for everyone – no matter their age – who has money or assets to look after and / or who would like a trusted individual to act in their best interests in terms of health choices should they not be able to make decisions for themselves.