02/01/2018
Why Do I Need a Lasting Power of Attorney?
A Lasting Power of Attorney is often confused with a Will, and some people think that because they have made a Will that they have some type of Power of Attorney.
To answer the question why do you need a power of attorney if you have a Will, here’s a very simple explanation:
In fact, a Lasting Power of Attorney is the opposite of a Will – they couldn’t be more different.
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 fact, by setting up a Lasting Power of Attorney, you give someone that 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 the stage 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 the Lasting Power of Attorney is set up though, you can forget about it and hope it never has to be used.
