Money Saving Expert Martin Lewis says everyone should set up a Lasting Power of Attorney (LPA) as part of their personal and financial planning. Contrary to popular belief, LPAs are not just for older adults. Life can be unpredictable, and having an LPA in place ensures that trusted individuals are empowered to make critical decisions on your behalf, whether related to health care, finances, or living arrangements, in case of unexpected circumstances.
Appearing on ITV ’s This Morning, Martin Lewis emphasised the importance of setting up an LPA, sharing that he secured his own LPA at the age of just 35. He urged others to act early: “I don’t care how old you are, it’s not just about dementia—it’s about severe strokes, accidents, and other situations that stop us from being able to manage our financial and health decisions. A power of attorney is arguably more important than a will .”
Why Everyone Should Have an LPA:
- Peace of Mind: An LPA ensures your wishes are respected and decisions are made by someone you trust.
- Financial Security: It protects your assets, investments, and financial interests if you become incapacitated.
- Life Happens: Accidents or sudden illnesses can affect anyone, regardless of age or health status.
Matt Cresswell, Founder of PowerofAttorneyOnline.co.uk, said: “Many young people think an LPA is something to worry about later in life, but the truth is, it’s a crucial part of financial and personal planning at any age. Planning ahead protects your loved ones from unnecessary stress and gives you the confidence that your wishes will always be respected.
A Lasting Power of Attorney (LPA) is a legal document that allows a person (the “donor”) to appoint one or more individuals (known as “attorneys”) to make decisions on their behalf if they lose the mental capacity to do so or if they no longer wish to make those decisions themselves. It is a safeguard to ensure that a trusted person can manage your affairs if you’re unable to do so.
There are two main types of LPAs:
Health and Welfare LPA
- Covers decisions about your healthcare and personal welfare.
- Includes decisions about medical treatment, daily care (e.g., diet, dress, or living arrangements), and, in some cases, life-sustaining treatment.
- It can only be used when you lose mental capacity.
Property and Financial Affairs LPA
- Covers decisions about your financial matters.
- Includes managing bank accounts, paying bills, collecting pensions, and selling property.
- It can be used as soon as it is registered, with your consent, or when you lose mental capacity (depending on your preference).
Matt said: “This January, as you set goals for a healthier and more organised year, consider including an LPA as part of your plans. Protecting your future isn’t just a resolution—it’s a responsibility.”