What is the difference between a Will and a Lasting Power of Attorney?

A Will only takes effect upon your death and determines who is responsible for administering your estate and who is to receive the money and assets that you have.

An LPA however, is only valid during your lifetime, meaning that upon your death the authority given to your Attorneys to deal with your assets ends. Upon your death it should be returned to the Office of the Public Guardian (‘OPG’) to be cancelled. In addition, whereas a Will directs your estate to certain people after your death (i.e. your beneficiaries), an LPA only grants your Attorneys the power to make decisions for you, in accordance with your best interests and with regard to the Mental Capacity Act 2005 Code of Practice. An LPA Attorney can only make gifts from your assets in limited circumstances.