Money expert Martin Lewis has urged everyone to prioritise sorting out one crucial document in 2025. Speaking on This Morning, Mr Lewis revealed he had taken care of it himself at the age of 35, and stressed its importance, even over having a will.
He explained that without this document, families could face a nightmare if a loved one suffers a serious injury or health condition. Mr Lewis said: “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.”
“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.” Sign up for the North Wales Live newsletter sent twice daily to your inbox.
The question had been asked by viewer James about his mother’s condition and what he should do at this stage of her illness. Sympathetic Mr Lewis said: “I’m sorry James, I can’t tell whether your mother is still in the stage where, where she would be able to sign over power of attorney now, where she still has her enough faculties to be able to do so. If she can, you want to do that quickly and it’s gonna have to be legitimate that she’s in a position to do it, you’ll want to get a power of attorney set up really quickly,” reports LancsLive.
He added: “If it’s beyond the point where she is no longer capable of making the decision to do that, then it will be the court of protection. And being blunt, it will be expensive and timely and difficult, and I’m sorry, which is why if you’re watching, I got my power of attorney at 35, right? 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.”
In reply, Norma Desmond, an MSE reader, said: “My mum is deputy (via the Court of Protection) to my dad, who has advanced dementia. It’s a very long, drawn out and quite intrusive process. It’s also expensive. Mum will have to pay hefty yearly fees too.
“I just wish we’d managed to get Power of Attorney instead, when Dad was more capable. He got ill very fast and we couldn’t implement it.” 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). For more information on power of attorney visit the government website here.
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