Personal finance expert said the legal change is absolutely vital – and he’s had one since his 30s
03:50, 22 Apr 2026Updated 11:35, 22 Apr 2026
Martin Lewis encouraged people to sign up for power of attorney as soon as possible(Image: ITV)
Personal finance expert Martin Lewis has issued a plea for people to sign up for a document which costs £92 and is ‘more important than a will’ – and people can take advantage of a special event today (April 22). Speaking on This Morning to hosts Ben Shephard and Cat Deeley, he explained that if people fail to take action they could be left in a nightmare scenario.
A Power of Attorney is a legal document that allows a person to appoint those they trust to make decisions about property, financial affairs, or health and welfare on their behalf. Mr Lewis explained if people leave it too late it can leave family members with great problems if their condition and health deteriorate – and said he’d put his own in place in his 30s.
He said: “So to simplify this, most people worry about their will and having 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.
“And this happens to many more people than they think. And lots of people say, ‘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.”
Power of Attorney Day
On Wednesday 22 April 2026, Carers UK and Standard Life will host the first UK‑wide Power of Attorney Day. This is a national campaign encouraging all adults to plan ahead by putting a Power of Attorney (POA) in place. The day aims to bust common myths, make the process clearer, and spotlight how POAs protect people’s wishes.
The campaign also highlights the barriers that unpaid carers may face when seeking to manage their loved ones’ affairs without a POA in place. For more information, click here.
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.”
Health is at the heart of the decision – and Mr Lewis explained why he did it: “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.”
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. 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 £92 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.”
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.