Will vs. Lasting Power of Attorney – Understanding the Difference
What’s the Difference Between a Will and an LPA?
The difference between a Will and an LPA is a Will covers your wishes when you are dead, whilst an LPA covers your welfare and wellbeing whilst you are still alive.
Many people mistakenly assume that having a Will means their loved ones can also make decisions on their behalf if they become unable to manage their own affairs. This is not true.
A Will and a Lasting Power of Attorney (LPA) serve very different purposes:
✔ A Will takes effect after you pass away and ensures your estate is distributed according to your wishes.
✔ An LPA applies while you are still alive, allowing someone you trust to make financial and healthcare decisions on your behalf if you lose mental capacity.
“Both documents are essential for a complete estate plan—ensuring your wishes are respected during your lifetime and after your passing.
Main Difference Between a Will and an LPA
A Will – Managing Your Estate After Death
“A Will is a legal document that outlines how your assets—such as property, savings, and possessions—should be distributed after your death. It can also specify guardians for minor children and establish trusts for beneficiaries.”
Key Features of a Will:
✔ Specifies who inherits your assets
✔ Names guardians for children
✔ Reduces legal disputes over your estate
✔ Helps minimize inheritance tax
A Lasting Power of Attorney – Protecting You During Your Lifetime
“A Lasting Power of Attorney (LPA) allows you to appoint a trusted individual (attorney) to make important decisions on your behalf if you become unable to do so due to illness, accident, or cognitive decline.”
Key Features of an LPA:
✔ Allows a trusted person to manage your finances and healthcare
✔ Ensures decisions are made according to your preferences
✔ Prevents court intervention and delays
✔ Reduces stress for family members
Why Do You Need Both a Will and an LPA?
A Will Covers Your Assets – An LPA Covers Your Wellbeing
A Will ensures that your assets are distributed as you wish after your death, while an LPA ensures that your financial affairs and health decisions are managed if you become unable to make them yourself.
Without a Will, your estate is distributed based on intestacy laws—meaning the government decides who inherits.
Without an LPA, your family must apply to the Court of Protection, a time-consuming and expensive process, to gain legal authority to manage your affairs.
Who Needs a Will and an LPA?
Because of the difference between a Will and an LPA, most people need to have both. Here are a few examples;
✔ Homeowners – Ensure your property is passed on according to your wishes.
✔ Parents – Name guardians for your children and plan their financial future.
✔ Business Owners – Appoint someone to manage your business assets in case of incapacity.
✔ Individuals of Any Age – Unexpected accidents or illness can happen to anyone—planning ahead ensures protection.
“Both young professionals and retirees should consider setting up both a Will and an LPA to protect their legacy and personal welfare.“
Setting Up a Will & LPA in Northampton, Milton Keynes, Bedford, and Across the UK
“At Callaghan Wills & Estate Planning, we help clients across Northampton, Milton Keynes, Bedford, and across the UK create legally valid Wills and LPAs. We also offer remote consultations via Zoom or phone calls for clients across the UK.”
✔ Face-to-Face Consultations – Available in Northampton, Milton Keynes, and Bedford.
✔ Remote Appointments – Arrange your Will and LPA from anywhere in the UK.
✔ Fixed-Fee Services – No hidden costs—just straightforward, affordable estate planning.
Book Your Free Consultation Today
Take control of your estate and protect your family’s future. Whether you live in Northampton, Milton Keynes, or Bedford and prefer a face-to-face meeting, or you’re elsewhere in the UK and want a remote consultation via phone or Zoom, we are here to help.”
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