Martin Lewis has sounded the alarm on a critical legal document that he insists is “more important than a will”. The Money Saving Expert founder took to ITV’s This Morning to tell viewers the importance of arranging their Power of Attorney documents.
Speaking on the programme on Tuesday, January 7, the trusted finance guru highlighted the significance of Power of Attorney, a measure which grants a trusted individual the legal right to make decisions for you should you become incapacitated. Mr Lewis divulged that he secured his own Power of Attorney at the age of 35, and passionately advised people of all ages to do the same.
He said: “I got my Power of Attorney at 35 – I don’t care how old you are. It’s not dementia – it’s strokes, it’s accidents which leave us unable to make financial decisions. You remember? If you have the Power of Attorney in place, it allows somebody to come in and take control of your finances if you are losing your faculties. If somebody starts and you don’t have one in place, you will have to apply at the Court of Protection which is long, arduous and costly.”
Martin Lewis said the document is ‘more important than a will’
In response, Norma Desmond, a reader of MoneySavingExpert, stated: “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 mandatory fee of £82 to register a Power of Attorney (in England and Wales – it’s £96 in Scotland, £165 in Northern Ireland), reports Birmingham Live.
Looking for more from MyLondon? Subscribe to our daily newsletters here for the latest and greatest updates from across London.