Martin Lewis is urging people to sort their power of attorney (Image: ITVX)
Money expert Martin Lewis is urging people to take action now in a bid to stop your money being ‘locked away’ if something unexpected happens to you.
took to X to urge his followers to set up a power of attorney for themselves which he says is ‘arguably more important than a will’.
A lasting power of attorney (LPA) is a legal document which lets you appoint one or more people to help you make decisions or make them on your behalf.
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It is usually invoked in cases of serious illness, and gives you control over what will happen to you if you have an accident or illness and can’t make your own decisions.
You can do this online, and it costs £82 to register, unless you qualify for a reduction or exemption.
Martin told his followers how a call on ’s had prompted him to issue the warning after he heard about her situation.
He said: “A reminder power of attorney is arguably more important than a will, and more urgent.
“Just had a call on @thismorning from an older lady asking about moving bills into her name from her husband’s, who she’s caring for as he has early stage dementia.
“Yet she hadn’t yet done power of attorney. This is by far the more urgent consideration. Get it done while someone has the capacity to sign it. Then if and when they lose their faculties, the transition so you can look after their finances (and health and welfare) for them is relatively easy.
“If not, leave it too late, and the money may be locked away unless you go to the Court of Protection which is often an expensive and time consuming nightmare.
“Better still get a PoA when young. I did mine before I was 40. It is in place so that if I lose my faculties in the future at that point (not before) someone can take over.”
There are two types of LPA; health and welfare, which gives your attorney the power to make decisions on everyday life such as medical care, moving into a care home and washing and dressing, and property and financial, which allows an attorney to manage a bank account, pay bills and collect benefits as well as sell your home.
To register, go .