Martin Lewis has urged people to take action regarding a legal service that is "more important than a will." Money Saving Expert, Mr. Lewis, has emphasized the importance of ensuring that everyone has their Power of Attorney in place.
Mr. Lewis appeared on ITV's This Morning to promote a legal service that he believes is "more important than a will." The BBC star emphasized the significance of a Power of Attorney, which allows you to designate someone you trust with the legal authority to make decisions on your behalf if you become unable to do so yourself.
Mr. Lewis made his comments during an appearance on This Morning on Tuesday, January 7. The financial expert shared that he established a Power of Attorney at the age of 35 and encouraged people of all ages to take action in this regard.
He said: "I got my Power of Attorney at 35 - I don't care how old you are. It's not dementia - it's strokes, it's accidents which leave us unable to make financial decisions. You remember? If you have the Power of Attorney in place, it allows somebody to come in and take control of your finances if you are losing your faculties. If somebody starts and you don't have one in place, you will have to apply at the Court of Protection which is long, arduous and costly."
In reply, Norma Desmond, an MSE reader, said: "My mum is deputy (via the Court of Protection) to my dad, who has advanced dementia. It's a very long, drawn out and quite intrusive process. It's also expensive. Mum will have to pay hefty yearly fees too. "I just wish we'd managed to get Power of Attorney instead, when Dad was more capable. He got ill very fast and we couldn't implement it." There's a compulsory cost of £82 to register a Power of Attorney.
When it comes to setting up Lasting Power of Attorneys (LPAs), investing in professional guidance can be a wise choice. Typically, you can expect to pay between £250 and £500 for each LPA. This investment not only ensures that your wishes are clearly articulated but also provides peace of mind for you and your loved ones.
