Personal finance expert Martin Lewis has urged people to register for a Lasting Power of Attorney (LPA), a document costing £92, which he claims is 'more important than a will'. Speaking on ITV's This Morning, Lewis warned that failing to act could lead to a 'nightmare' scenario for relatives if someone loses mental capacity.
An LPA allows individuals to appoint trusted people to make decisions about their property, finances, or health and welfare if they become unable to do so themselves. Lewis, who has had his own LPA since his 30s, explained that many people mistakenly believe loved ones can automatically take over finances or health decisions. In reality, without an LPA, relatives must apply to the Court of Protection, a process he described as 'costly, difficult, expensive, and incredibly stressful'.
Lewis emphasised that an LPA only takes effect if capacity is lost, so it does not affect current control. He recommended using a solicitor but noted that people can register online themselves in England and Wales for £82 per LPA (property/financial or health/welfare). The government website provides further details and registration options.
