Personal finance expert explained ‘it’s worrying that far fewer people have them’
11:43, 19 Sep 2025Updated 13:02, 19 Sep 2025
Martin Lewis said an £82 document was one of the most important people can have(Image: ITV)
Money Saving Expert founder Martin Lewis has implored listeners to pay £82 for a document ‘more important than a will. The personal finance expert said he himself has had one in place since his 30s, and added ‘it’s a really important thing to think about.’
Speaking on his BBC podcast yesterday, Mr Lewis said getting Power of Attourney was vital. A lasting power of attorney (LPA) is a legal document that lets you, the ‘donor’, appoint one or more people, known as ‘attorneys’, to help you make decisions or to make decisions on your behalf.
It exists to give families more control over what happens to a person if they have an accident or an illness and cannot make their own decisions – they might ‘lack mental capacity’. Currently it costs £82 – but it will be going up on November 17 to £92, the government has warned.
Mr Lewis said: “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.
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“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 types of LPA:
health and welfareproperty and financial affairsHealth and welfare lasting power of attorney
Use this LPA to give an attorney the power to make decisions about things like:
your daily routine, for example washing, dressing, eatingmedical caremoving into a care homelife-sustaining treatmentProperty and financial affairs lasting power of attorney
Use this LPA to give an attorney the power to make decisions about money and property for you, for example:
managing a bank or building society accountpaying billscollecting benefits or a pensionselling your home
For more information Power of Attourney visit the government website here.