Martin Lewis has issued a passionate plea for people to spend £92 on a particular investment that he claims is “more important than a will!”.
The host of The Martin Lewis Money Show Live is urging Britons to spend this sum on securing a lasting power of attorney.
The Money Saving Expert founder disclosed on his BBC podcast that he personally arranged one while still in his thirties, describing it as “a really important thing to think about”.
Despite wills being widely recognised as essential, Lewis expressed concern that far too few people have a power of attorney in place.
Martin Lewis is telling families what they need to spend £93 on
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Martin LewisHe 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.”
Lasting power of attorney is a legal document enabling a person, referred to as the “donor”, to nominate one or more trusted individuals to make decisions on their behalf.
It is designed to protect families when someone loses the ability to manage their own affairs due to accident or illness, a situation legally known as lacking “mental capacity.” Lewis warned that without one, relatives should not assume they can simply step in.
Have you written your will yet?
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GETTYMartin Lewis is urging Britons to make the investment as soon as possible
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MARTIN LEWISHe added: “That can literally mean the money you need to pay for your care is locked away and inaccessible. The money that is needed to pay for your mortgage is locked away and inaccessible. Someone else is going to have to find the cash in the meantime.”
He also stressed that incapacity is not solely an issue for older people.
The financial journalist added: “Some people have severe strokes, they have accidents, they have early dementia.
To illustrate the devastating consequences of not having a lasting power of attorney, Lewis shared the story of a viewer called Alan. Alan’s wife was just 33 when she was involved in a serious car crash, and no lasting power of attorney had been arranged.
Families are being reminded of the benefits that power of attorney provides
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GETTYAs recounted by Mr Lewis, Alan shared: “Whilst life was falling apart and looking after our three kids, I had to take deputyship. This involved a court of protection hearing and cost thousands. Without it, I was powerless to decide on my wife’s care, and anything financial.”
“It’s never too early to do lasting power of attorney,” Mr Lewis added.
It should be noted that registration fees vary across the UK nations: £92 in England and Wales, £96 in Scotland, and £180 in Northern Ireland.
Mr Lewis cited that reductions may be available for those on very low incomes or in receipt of certain means-tested benefits. For anyone uncertain about navigating the process alone, Lewis recommended seeking professional guidance.