Martin Lewis has issued a pressing warning to the public, emphasizing the importance of having a crucial document in place, which he believes takes precedence over a will. The personal finance expert took to X to stress the urgency of obtaining a Power of Attorney, which costs £82, after a heart-wrenching case was featured on This Morning.
Lewis, who had his own Power of Attorney sorted out at the age of 35, is urging families to prioritize this document in 2025. He cautioned that failing to do so could lead to a devastating situation if a family member suffers a severe injury or health issue, leaving their loved ones to navigate a bureaucratic nightmare.
In a recent post on X, Lewis explained, “A reminder Power of Attorney is arguably more important than a will, and more urgent. Just had a call on @thismorning from an older lady asking about moving bills into her name from her husbands, who she’s caring for as he has early stage dementia.”
He continued, “Yet she hadn’t yet done Power of Attorney. This is by far the more urgent consideration. Get it done while someone has the capacity to sign it. Then if and when they lose their faculties, the transition so you can look after their finances (and health and welfare) for them is relatively easy.”
“If not, leave it too late, and the money may be locked away unless you got to the Court of Protection which is often an expensive and time consuming nightmare. Better still get a PoA when young. I did mine before I was 40. It is in place, so that if I lose my faculties in the future at that point (not before) someone can take over.”, reports Lancs Live.
The Money Saving Expert founder previously warned families could face a nightmare scenario if a loved one suffers a serious injury or health condition without having sorted this out first. He stated: “I got my power of attorney at 35. I don’t care how old you are, it’s not just about dementia, it’s strokes and it’s accidents, severe strokes, I should say, and it’s accidents and other things that stop us being able to look after both our financial and our health decisions.”
He further emphasised, “The power of attorney is arguably more important than a will. We’ve talked on the show before about power of attorney. If you have the power of attorney in place, that is what allows someone to take control of your finances when they lose their faculties, if and when they lose their faculties. If someone starts to lose their faculties and they don’t have one in place, then you’re going to have to apply at the court of protection, which is long, arduous and costly.”
The official gov.uk website provides a clear definition of a lasting power of attorney (LPA), stating it “is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.”
The site further explains, “This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you ‘lack mental capacity’).”
Registering an LPA comes with a fee of £82.
