A Health & Welfare LPA covers decisions about your medical care and day-to-day welfare — things like where you live and the kind of care you receive — and only takes effect if you lose the mental capacity to make those decisions yourself.
A Property & Financial Affairs LPA covers your money, bank accounts and property, and can be used either once you lose capacity or, if you choose, while you still have capacity but want help managing things.
Many people choose to set up both, since they cover different areas of life and neither one gives the other's authority.
Want to talk this through for your own circumstances?