A power of attorney is the opposite of a will –they couldn’t be more different.
The power of attorney we’re talking about here is called a Lasting Power of Attorney.
A will protects your beneficiaries’ interests after you’ve died, but a Lasting Power of Attorney protects your own interests while you’re still alive – up to the point where you die. The moment you die, the power of attorney ceases and your will becomes relevant instead. There’s no overlap.
In essence, by setting up a Lasting Power of Attorney, you give someone you trust the authority to make decisions and to act on your behalf and in your best interests – while you’re still living and breathing.
Once you reach a point in time where you need someone to act for you, it’s often too late to get a Lasting Power of Attorney set up. It’s like insurance in that respect. Once it is all set up though, you can forget about it and hope it never has to be used.
Without a valid LPA in place decisions about your financial and medical needs could be made by people you would not have considered.
For more information on Lasting Power of Attorney visit https://nenelegal.co.uk/lasting-power-of-attorney-lpa/ or call us on 01933 588 990.
