Speaking out over the power of a Power of Attorney, the BBC Sounds podcast host urged others to act early and get themselves one.
Martin Lewis urges UK households to get £164 document he got at age 35
Martin Lewis says UK households must acquire a vital form that he first got when he was aged 35. Speaking out over the power of a Power of Attorney, the BBC Sounds podcast host urged others to act early and get themselves one.
Mr Lewis explained on ITV This Morning: “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 went on, telling Cat Deeley: “A power of attorney is arguably more important than a will.” Matt Cresswell, Founder of PowerofAttorneyOnline.co.uk, said: “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.
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“Planning ahead protects your loved ones from unnecessary stress and gives you the confidence that your wishes will always be respected.” Matt said: “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.
It’s £82 for the property and finance LPA. The health and welfare LPA is also £82, so if you get both, that’s £164. Mr Lewis’ team at Money Saving Expert explains in a guide on its 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.”