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

Planning for the uncertainties of the future from a legal and financial perspective can be difficult if you don’t have a clarity of the laws of your jurisdiction. There are many requirements as per the laws to be put into place to safeguard yourself and your loved ones legally and financially. A Will and a Power of Attorney (“POA”) are the primary legal forms used to protect and transfer your belongings to your beneficiaries in a certain way.

What Is a Last Will?

A Will is a document that allows you to decide who will receive your assets after you die. As the testator, you select who your heirs will be and what they each will receive. You also appoint an executor, who will be responsible for distributing your assets as per your wishes. A Will can also be used to name a guardian for your minor children.

What is a Power of Attorney?

A power of attorney (POA) is a legal form that authorizes someone else (called the attorney in fact or agent) to make business, legal, and financial activities and decisions on your behalf. For instance, if you become unable to manage your own affairs, your agent will be able to do it for you. Your agent will be able to pay your bills, make repairs to your home, sell your car, run your business, manage your property, and more. Laws in relation to power of attorneys may vary in each country . The document must be signed and notarized in most of the countries to be valid, including in UAE.

Both the Will and the POA aim to deal with your assets and streamline your affairs in general but one is used during one’s lifetime and the other one is used after a person passes away.

Comparison between a POA and a Will:

Disclaimer: The content on this page is for general information purposes only and does not constitute as legal advice nor should it be used as a basis for any specific action or decision. Nothing on this page is to be considered as creating a lawyer-client relationship or as rendering of legal advice for any specific matter. Users of this website are advised to seek specific legal advice by contacting their own legal counsel regarding any specific legal issues.