Martin Lewis recommends: Power of Attorney

Do you have a Power of Attorney? Leading money-saving expert Martin Lewis has recently shared his advice on the subject, saying that a Power of Attorney (LPA) is not just for older people, it is for everyone. In this blog, Director and Head of Lifetime Planning in our Swansea office, Beverly Bowen, explains what an LPA is and why you may need one.

What is a Lasting Power of Attorney?

LPAs are legally binding documents in which the person making the LPA (known as the donor) gives authority to people (known as attorneys) to make decisions on their behalf when they are incapable of making decisions themselves.

The chosen person, whether it is a family member, a friend, or a solicitor, has a crucial role in managing financial, property or medical decisions for the ‘donor’. Therefore, an Attorney should be a trusted and reliable individual.

In a recent episode of ITV's The Martin Lewis Money Show Live, Martin Lewis highly recommended putting LPAs in place. He expressed: “Power of Attorney is not just for the elderly. Everybody should be considering one.”

Whilst many of us realise the importance of putting a Will in place, not so many realise that LPAs are just as important. Martin Lewis explained: “Power of Attorney is more important than a Will. A Will decides what happens to your assets if you die. Power of Attorney [decides] what happens to your assets if you lose your faculties.”

Overall, preparing an LPA is vital to ensure your wishes are carried out if you are ever in a situation where you can no longer make decisions for yourself.

Why should I consider an LPA?

At JCP Solicitors, we will always discuss LPAs when it comes to lifetime planning. While it is not pleasant to think about losing capacity unexpectedly, unfortunately, the unexpected can occur. Preparing for the future whilst we are our healthy selves will prevent issues for you and your loved ones further down the line.

In a situation where the unexpected does become reality and you lose capacity without an LPA in place, the only option available is for someone to apply to the Court of Protection to be appointed as a Deputy. This can be a long and costly process - a scenario best avoided if feasible.

The team at JCP Solicitors are here to make the LPA process as easy and stress-free as possible. We discuss the LPA in thorough detail and offer personalised advice to ensure you understand the process.

Find out more about how JCP Solicitors can help you with your LPAs by calling Beverley Bowen at: 01792 525458, or email beverley.bowen@jcpsolicitors.co.uk.