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<\/p>\nExpert urged viewers to register ‘now’ arguing it is more important than a will and costs \u00a392 to register in England and Wales<\/p>\n
Martin Lewis encouraged people to sign up for power of attorney as soon as possible to avoid a ‘nightmare’ scenario(Image: ITV)<\/p>\n
Personal finance guru Martin Lewis has urged people to register for a document costing \u00a392 which is “more important than a will” – and individuals can benefit from a special event today (April 22). Speaking on This Morning<\/a> with hosts Ben Shephard<\/a> and Cat Deeley<\/a>, recently he warned that failing to act could leave people facing a nightmare situation.<\/p>\n A Lasting Power of Attorney is a legal document enabling someone to appoint trusted individuals to make decisions regarding property, financial matters, or health and welfare on their behalf. Mr Lewis explained that delaying too long can create serious difficulties for relatives if someone’s condition and health decline – revealing he established his own while in his 30s.<\/p>\n He said: “So to simplify this, most people worry about their will and having <\/a>a will and quite right a will is important. But I would argue that a lasting power of attorney is more important. than a will. A will dictates what happens to your assets when you die. A power of attorney dictates who can look after your finances and your assets if you’re alive but lose capacity.<\/p>\n “And this happens to many more people than they think. And lots of people say,<\/a> ‘Oh, it doesn’t matter. We’ll deal if in the in the event’, you know, whether it’s Alzheimer’s or a severe stroke or an accident or anything else or dementia that takes away your capacity, the idea that someone else can simply take over your finances and your health and welfare decisions is not true.”<\/p>\n READ MORE: Martin Lewis warning for holidaymakers including Jet2, easyJet, TUI<\/a>READ MORE: Martin Lewis tells mobile users ‘type 5-digit code and screen grab result’ as thefts soar<\/a><\/p>\n Mr Lewis added: “You have to go to the court of protection. It’s costly. It’s difficult. It’s expensive. It’s incredibly stressful for the people that are doing it. And it is a it’s really difficult. The alternative is you put a power of attorney in place. And you put a power of attorney in place and that gives somebody else the ability to take over your financial decisions and the health and welfare decisions.”<\/p>\n Health lies at the core of the decision \u2013 and Mr Lewis outlined his reasoning: “In the event that you lose capacity it it is not that they can take over now. You don’t have to do it. So, I’ve had one in place since I was in my 30s. I have no foreseeability of losing my capacity that I’m aware of, but I have one in place in the event that someone needs to take over.”<\/p>\n Explaining the decision-making, he said: “Do you have a power of attorney? If you don’t, what would happen to your assets and the decisions? Who would be able to look after you in the event that you lost your capacity? And don’t simply assume that someone could go and get access to your bank account. It is easy to do. It’s simple.<\/p>\n “The best way is to get a solicitor, but if you can’t, there are there are halfway schemes or you can do it yourself in England and Wales. It costs \u00a392 to register in England and Wales per power of attorney. So is the financial one and the health and well. It’s worth a look.”<\/p>\n There are 2 types of LPA:<\/p>\n Health and welfare lasting power of attorney<\/p>\n Use this LPA to give an attorney the power to make decisions about things like:<\/p>\n Property and financial affairs lasting power of attorney<\/p>\n Use this LPA to give an attorney the power to make decisions about money and property for you, for example:<\/p>\n\n
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