You do not legally have to make both types of LPA, but having both usually provides more complete protection.
A Property and Financial Affairs LPA allows your attorneys to help manage your money, accounts, bills, benefits, pensions and property. It does not permit them to make decisions about your medical treatment or care.
A Health and Welfare LPA can cover medical care, living arrangements, personal welfare and life-sustaining treatment. However, it does not give your attorneys authority to manage your bank accounts or other financial affairs.
Having only one LPA can therefore leave an important gap. For example, your family might be able to discuss your care but have no authority to access money needed to pay your bills.
The decision should reflect your circumstances, but arranging both documents at the same time can provide a coordinated plan for your future.