TV money expert Martin Lewis has urged everyone, including young people, to register a Lasting Power of Attorney (LPA) to protect their interests in the future.

An LPA is a legal document that enables you to nominate someone you trust to make decisions on your behalf if you lose the capacity to do so yourself.

Speaking on his BBC podcast, Mr Lewis said: “Wills are important but in my view a power of attorney is even more so. 

“Without a power of attorney, if you lose mental capacity, all your assets can be locked away, with your loved ones unable to access them to pay for, say your mortgage or even to pay for your care.

“What they then have to do is go through the nightmare of going to the Court of Protection. That could take months or years, is extremely stressful and costs a lot of money.

“So having a lasting power of attorney set up in advance, where you’ve nominated trusted people to look after your finances, if and only if you lose capacity, is crucial.

“You might just be thinking that’s just good for the elderly, but I’ve had one in place since my 30s. In my view, this is crucial peace of mind protection.”

There are two main types of LPA.

A Property and Financial Affairs LPA covers decisions about money and property, such as paying bills, managing bank accounts, or selling a home.

A Health and Welfare LPA covers personal matters like medical treatment, care arrangements, and where you live. You can choose to set up one or both, depending on your circumstances.

Having these arrangements in place provides reassurance not only for you but also for your family. If something unexpected happens, your attorney can act quickly and legally in your best interests.

This avoids delays, costly legal proceedings, and the uncertainty of strangers making decisions on your behalf. Importantly, you are in control of who you appoint, and you can set limits or conditions to guide how decisions should be made.

However, an LPA is a powerful legal document, and mistakes in setting it up can cause problems later.  Make sure you seek advice from a solicitor to ensure everything is drafted correctly, tailored to your needs, and registered properly with the Office of the Public Guardian.

Professional guidance can help prevent disputes, avoid errors that may invalidate the document, and ensure that your wishes are clearly set out and respected.

Please contact us if you would like to know more about Lasting Powers of Attorney.