Martin Lewis, the founder of Money Saving Expert, has championed the document on ITV This Morning.
Households in England told £92 document is ‘more important’ than a Will
UK households are being reminded to get a £92 document which is more important than a will. BBC Sounds podcast host Martin Lewis, the founder of Money Saving Expert, has championed the document on ITV This Morning.
Speaking to hosts Ben Shephard and Cat Deeley, Mr Lewis, 52, relaid the importance of a Power of Attorney. 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.
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“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.”
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.”
The MSE founder went on to say: “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.”
The application costs £92 to register. 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.”