What is a lasting power of attorney? Martin Lewis calls doc 'more important than a will'
Money Saving Expert founder stresses importance of £92 document
Martin Lewis has urged people to install a lasting power of attorney, a £92 document he has said is even more important than a will.
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The Money Saving Expert founder said too few Brits have appointed an LPA and that he filled one out in his 30s after becoming aware of its importance.
He told a podcast this week: "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.
"Best is to have both. But when you're dead, you're dead; it's just a question of where your assets go."
What is a lasting power of attorney?
A lasting power of attorney (LPA) is a legal document that lets you appoint one or more people (‘attorneys’) to help you make decisions or to make decisions on your behalf if you are unable to do so.
"This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions," the government states.
LPAs, which are legally binding in England and Wales but not Scotland, can be sought for both health and welfare, and property and financial affairs.
They can be used to allow others to make decisions for you around your care and daily routine, potentially moving you into a care home if your attorney feels necessary.
An LPA can also allow someone to manage an account on your behalf, pay bills, or even sell your home.
The healthcare LPA can only be used when you’re unable to make your own decisions, but the financial type can be used as soon as it is signed.
How to make a lasting power of attorney
- Choose your attorney or attorneys,
- Fill in the forms to appoint them,
- Register your LPA with the Office of the Public Guardian in a process that will take eight to 10 weeks and cost £92 - although some reductions are possible.