It’s a matter of life and death. A Will and Lasting Powers of Attorney (LPAs) are both important parts of planning for the future but they do very different jobs.

A Will sets out what you would like to happen to your money, property and possessions after you die. It only takes effect after death. An LPA, on the other hand, operates during your lifetime and ceases when you die.

Your Will identifies who you want to inherit, or be responsible for, your assets when you die.  For example, it ensures that your savings and property (such as a car, animals, maybe a house or flat) pass to the people you choose.  Your Will can also include your funeral wishes.

If you’re a young parent then your Will could also name guardians for your children should you die before they reach 18 years old. You could also set up a trust within your Will to manage any property or money you might leave them, so a trustee of your choice could manage the inheritance for your child until they reach 18, 21 or whatever restriction you choose to put on the trust. Remember though, trusts can protect your assets from tax implications, but the rules are complicated so it’s crucial to take advice.

Without a Will your estate will generally be distributed according to intestacy rules, which might not reflect your wishes and can leave unmarried partners, children and stepchildren, or other loved ones, without the inheritance you intended for them.

With LPAs, there are two types: one for property and finance, which can cover things like bank accounts, property and bills, and one for health and welfare, which can cover decisions relating to care, treatment and where you live.

The benefits of LPAs aren’t just restricted to later life because anything can happen at any age. If you lose capacity at any point during your lifetime the person you have chosen as your attorney can step in to manage your affairs and make any necessary decisions for you.

If you lose mental capacity and don’t have LPAs in place, your family and friends won’t automatically have the authority to manage your finances or make decisions on your behalf. Instead, an application might need to be made to the Court of Protection for a deputy to be appointed, which can take time, involve expense and just make everything more difficult at an already very stressful time.

Having both a Will and LPAs in place gives you and your loved ones greater control and certainty when it matters most.