Martin Lewis has urged people to sign up to receive a £92 legal document that is "more important" than their Will. Speaking on This Morning to hosts Ben Shephard and Cat Deeley, the MoneySavingExpert.com founder informed viewers of the importance of a Power of Attorney document.
This is a legal document that allows a person to appoint those they trust to make decisions about property, financial affairs, or health and welfare on their behalf. In England and Wales, a Lasting Power of Attorney (LPA) is most common, covering health and welfare or property and financial matters. It must be registered with the Office of the Public Guardian.
LPAs must be registered with the GOV.UK LPA Service before they can be used, costing £82 per application. Martin explained: "So to simplify this, most people worry about their will and having a will and quite right a will is important. But I would argue that a lasting power of attorney is more important than a will. A will dictates what happens to your assets when you die. A power of attorney dictates who can look after your finances and your assets if you're alive but lose capacity."
"And this happens to many more people than they think. And lots of people say, 'Oh, it doesn't matter. We'll deal if in the event', you know, whether it's Alzheimer's or a severe stroke or an accident or anything else or dementia that takes away your capacity, the idea that someone else can simply take over your finances and your health and welfare decisions is not true."
Martin Lewis's comments highlight the critical importance of planning for incapacity, which can affect anyone due to illness, accident, or aging. Without an LPA, loved ones may face legal hurdles to manage your affairs, potentially causing financial and emotional stress. The £82 fee per application is a small price for peace of mind, ensuring trusted individuals can step in when needed. For more information, visit the GOV.UK website or MoneySavingExpert.com.
