Martin Lewis has urged UK households to secure a Power of Attorney
06:04, 22 Sep 2025Updated 06:17, 24 Sep 2025
(Image: Dave Benett, Alan Chapman/Dave Benett/Getty Images)
Martin Lewis, the founder of Money Saving Expert, has advised listeners to invest £82 in a document he considers ‘more important than a will’.
The personal finance expert disclosed that he has maintained one since his 30s, stressing ‘it’s a really important thing to think about’. On his BBC podcast this week, Mr Lewis highlighted the crucial nature of obtaining Power of Attorney.
A lasting power of attorney (LPA) represents a legal document enabling you, the ‘donor’, to designate one or more people, known as ‘attorneys’, to help you make decisions or to make decisions on your behalf.
This document aims to give families greater authority over what occurs to someone if they experience an accident or illness and cannot make their own choices – they might ‘lack mental capacity’, reports the Express.
Currently, it costs £82 – but from November 17, the fee will rise to £92, the government has cautioned.
Mr Lewis explained: “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.
“But without a power of attorney, if you lose mental capacity, all your assets can be locked away with your loved ones unable to access them to pay for, say, your mortgage or even to pay for your care. What they then have to do is go through the nightmare of going to the court of protection that can take months or years is extremely stressful and costs a lot of money.
“So having a lasting power of attorney set up in advance where you’ve nominated trusted people to look after your finances if and only if you lose capacity so they can help you out, is crucial. Now you might just be thinking, yeah, that’s good for the elderly. No, I’m 53, I know, I look younger. But I’ve had one in place since my 30s. In my view, this is crucial peace of mind protection. If you haven’t got one, I know it’s a grown up thing to think about, but it’s also a really important thing to think about.”
There are 2 varieties of LPA:
- health and welfare
- property and financial affairs
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Health and welfare lasting power of attorney
Utilise this LPA to grant an attorney the authority to make decisions regarding matters such as:
- your daily routine, for example washing, dressing, eating
- medical care
- moving into a care home
- life-sustaining treatment
Property and financial affairs lasting power of attorney.
Employ this LPA to provide an attorney with the power to make decisions concerning money and property on your behalf, for example:
- managing a bank or building society account
- paying bills
- collecting benefits or a pension
- selling your home