Money expert Martin Lewis has urged people to spend £82 on a legal document he considers "more important than a will". The Money Saving Expert founder revealed during his BBC podcast that he's maintained a Lasting Power of Attorney since his 30s and stressed its crucial importance for financial protection.
Lewis emphasised the urgency of obtaining this document before costs increase to £92 from November 17. A Lasting Power of Attorney allows you to appoint trusted individuals to make decisions on your behalf if you lose mental capacity due to accident or illness.
Why it matters more than a will
"Wills are really important, but in my view, a power of attorney is even more so, which is why it's worrying that far fewer people have them," Lewis explained. He highlighted that while death affects where assets go, losing mental capacity without proper legal protection can lock away all assets from loved ones.
Without a Power of Attorney, families face the nightmare of applying to the court of protection - a process that takes months or years, causes extreme stress, and costs significant money. Lewis stressed this isn't just an issue for elderly people, noting he's had protection in place since his thirties despite being only 53.
Two essential types available
Health and Welfare Power of Attorney covers daily routine decisions like washing, dressing, medical care, care home placement, and life-sustaining treatment choices. Property and Financial Affairs Power of Attorney handles money matters including bank accounts, bill payments, benefit collection, and property sales.
The BBC podcast specifically titled "Grown Up Stuff: (Free) Wills & even more important Power Of Attorney" featured Lewis's detailed explanation of mental capacity protections for families. Lewis described the document as "crucial peace of mind protection" that requires grown-up thinking but delivers essential security.
Sources used: "bristolpost.co.uk", "mirror", "Daily Record" Note: This article has been edited with the help of Artificial Intelligence.
