Lasting Powers of Attorney – “More important than Wills”, Martin Lewis says.

On the show 'The Martin Lewis Money Show Live' aired on the 21st of November 2023, Martin Lewis expressed the significance of Lasting Powers of Attorney stating that they are in fact ‘more important than Wills’ in his opinion. In the show, Martin discussed Lasting Powers of Attorney (‘LPAs’), the importance of having them in place and the downsides if you lose mental capacity without one.

Contrary to many people’s beliefs, Martin asserted that an LPA is not just for the elderly. It is not thought about by many, but if a young person was in an accident, suffered a serious brain injury or stroke it is difficult to sort their finances without an LPA.

Martin himself stated that he has had an LPA in place for over 10 years now, despite the likelihood of him losing his faculties being low. We see an LPA similar to an insurance policy, it may never be needed however if it is, your loved ones will thank you for making things easier for them in an already difficult time.

The key is to act early. You can only put in place LPAs when you have mental capacity. Once you lose capacity, it is too late.

To find out why LPAs can be more important than Wills, read here.