Martin Lewis says getting LPA document sorted is 'arguably more important than a will'

There’s nothing quite like starting your day thinking about what you need to get in order should you lose the ability to make decisions.

I know, I know, cheery.

But when it’s Martin Lewis giving us advice, we’ll listen to it at any time of day. And the money man has stressed that getting a lasting power of attorney (LPA) sorted is ‘arguably more important than a will’.

Essentially, this is a legal document that means you (referred to in this as the ‘donor’) can appoint one of more people (the ‘attorneys’) to help you make decisions or to make decisions on your behalf. Look, you might think you’re way off needing to sort this kind of thing out – which is fair – but Lewis has previously shared that he set one up in his 30s and it seems like a good idea.

It currently costs £92 for an LPA in England and Wales. (ITV)

Revisiting the topic, he took to X yesterday (2 March) to say: “Power of Attorney is arguably more important than a Will (I’ll discuss both on @ItvMLshow tomorrow).

“If you lose your faculties, it lets someone smoothly take over financial and health decisions. Without, even money to pay for your care may be inaccessible.”

He explained this a little more during an episode of The Martin Lewis Money Show Live back in 2023.

“A will decides what happens to your assets if you die,” Lewis said. “Power of Attorney, what happens to your assets if you lose your faculties – you're still alive and you may have your own care and family that you need to look after, but you're no longer capable of doing it yourself.”

The money expert said sorting an LPA is ‘not just for the elderly’ and that it does not mean ‘you give up control now’, just rather there ‘are safeguards in place’.

An LPA can give you more control over what happens to you if you end up having an accident or an illness that causes you to ‘lack mental capacity’.

Lewis has had his LPA sorted for over a decade. (Getty Stock Image)

“Without a Power of Attorney sorting your finances, it is generally much harder. Do not assume your family can access your funds – even to pay for your mortgage or your care if you need It,” Lewis previously said.

Applying to register an LPA costs £92 unless you are eligible for a reduction or exemption.

Lewis however said that if you can afford it, make sure you do it right and get some help from solicitors.

“Look, Power of Attorneys aren't perfect,” he added.

“They're not quick, but they are better than having nothing at all. I am, of course, talking about the financial Power of Attorney. There's one for health and welfare where you make the health and welfare decisions too. But obviously that's not my bag, but it's still important to look at."

Well, there’s a thought to start your day LADs: who would you put in charge of making your decisions?

Lewis will discuss LPAs on tonight's episode of The Martin Lewis Money Show Live at 7:15pm on ITV1.