Martin Lewis on Power of Attorney: Why It Matters

Martin Lewis has repeatedly argued that a lasting power of attorney can be more important than a will. The reason is simple: a will deals with what happens after death, but an LPA deals with what happens if you are alive and cannot make decisions for yourself.

People often leave power of attorney until later life. Lewis's point is that this is exactly the wrong way to think about it. Loss of capacity can come from dementia, stroke, serious illness or an accident, and it can happen long before old age.

What a Lasting Power of Attorney Does

A lasting power of attorney lets you choose trusted people, called attorneys, to make decisions for you if you cannot make them yourself. You decide who they are and what powers they have while you still have mental capacity.

What Happens Without One?

If you lose capacity without an LPA, loved ones may need to apply to the Court of Protection for a deputyship order. That can be slower, more expensive and less personal than choosing your own attorney in advance.

The court process also means you lose control over who is appointed. With an LPA, you make that decision yourself while you are well enough to do so.

How Much Does It Cost?

The Office of the Public Guardian registration fee is currently £92 per LPA, unless you qualify for a reduction or exemption. If you register both a Property & Financial Affairs LPA and a Health & Welfare LPA, the government registration fees are £184 in total.

A solicitor is not legally required for a straightforward LPA. Some people use one for complex family, business or asset situations. Others use an online generator or the government service and then register the document with the OPG.

When Should You Make One?

The safest answer is before you think you need it. You must have mental capacity when you make an LPA, so waiting until capacity is already in question can make the process harder or impossible.

• You own a home or have savings, investments or pensions.
• You have dependants, a partner or family members who may need access to funds for care.
• You run a business or have regular bills that someone may need to manage.
• You want to choose who makes decisions rather than leaving it to a court.

The Takeaway

Martin Lewis's message is not that everyone needs an expensive solicitor. It is that almost everyone should understand what an LPA does and consider putting one in place before a crisis. The document is boring until the exact moment it becomes essential.