Money Saving Expert founder Martin Lewis has urged people to secure a lasting power of attorney (LPA), a document he describes as 'more important than a will'. The personal finance guru, who has held one since his 30s, warned that families could face a 'nightmare' if they fail to arrange one.
Speaking on X, Lewis said an LPA allows a trusted person to make financial and health decisions if you lose mental capacity. Without it, even money for care may be inaccessible, and families may have to resort to the Court of Protection – a process he called 'an absolute nightmare'.
Lewis explained: 'Wills are really important, but in my view, a power of attorney is even more so. Without one, if you lose mental capacity, all your assets can be locked away. Your loved ones would have to go through the nightmare of the Court of Protection, which can take months or years and costs a lot of money.'
One follower noted that the Court of Protection can grant similar powers, but Lewis responded: 'Yes, but that is an absolute nightmare for many.' A retired solicitor concurred, calling the court 'extremely expensive and very, very slow – it's not an alternative, it's a catastrophe.'
Lewis, 53, emphasised that an LPA is not just for the elderly. 'I've had one in place since my 30s. This is crucial peace of mind protection,' he said. The cost to register an LPA in England and Wales is £82 per document, with separate ones needed for financial and health decisions, totalling £164. However, a single LPA covering both can be obtained for £92.
