Martin Lewis says one document is arguably more important than a will, as he stressed the importance of getting a Power of Attorney set up
Martin Lewis has urged UK households to secure a crucial document that he first obtained at the age of 35.
The MoneySavingExpert.com founder emphasised the importance of a Power of Attorney, urging people to act early and secure one for themselves. Speaking on ITV’s This Morning, Martin Lewis said: “I don’t care how old you are, it’s not just about dementia – it’s about severe strokes, accidents, and other situations that stop us from being able to manage our financial and health decisions.”
The 52-year-old continued, telling Cat Deeley: “A power of attorney is arguably more important than a will.” Matt Cresswell, Founder of PowerofAttorneyOnline.co.uk, stated: “Many young people think an LPA is something to worry about later in life, but the truth is, it’s a crucial part of financial and personal planning at any age.
“Planning ahead protects your loved ones from unnecessary stress and gives you the confidence that your wishes will always be respected. This January, as you set goals for a healthier and more organised year, consider including an LPA as part of your plans. Protecting your future isn’t just a resolution-it’s a responsibility.”
There’s a compulsory cost of £82 to register a Power of Attorney (in England and Wales – it’s £96 in Scotland, £165 in Northern Ireland). If you earn less than £12,000/year though, you can provide evidence to pay a reduced fee of £41. The cost for the property and finance Lasting Power of Attorney (LPA) is £82, and it’s the same price for the health and welfare LPA, tallying up to £164 if you opt for both.
The experts at MSE clarify on their website: “Above and beyond that, if you decide to use a solicitor you’ll also have to pay legal fees, though it’s possible to set up a Power of Attorney on your own.”
