Lasting Powers of Attorney (LPAs) are often overlooked in favour of Wills, but financial expert Martin Lewis has highlighted why LPAs can be just as important as Wills, and why you should act now.
Martin Lewis, founder of MoneySavingExpert, has been very clear: “Power of Attorney is more important than a Will. A Will decides what happens to your assets when you die. LPA steps in when you are alive but no longer capable of handling your affairs” (moneysavingexpert.com).
What Are Lasting Powers of Attorney?
An LPA is a legal document that allows you to appoint one or more trusted people (called attorneys) to make decisions on your behalf if you cannot. This may be due to illness, an accident, or loss of mental capacity.
Without an LPA, your loved ones may need to apply to the Court of Protection to manage your affairs. This process can be stressful, expensive, and time consuming. Martin Lewis often stresses that the best time to arrange one is before you need it.
The Two Types of Lasting Power of Attorney
In England and Wales there are two types of LPA:
Property and Financial Affairs LPA
This allows your attorneys to manage your financial matters. They can pay bills, access bank accounts, manage investments, and make decisions about your home or property.
Health and Welfare LPA
This covers decisions about your medical treatment, care, and day-to-day welfare. Attorneys can decide where you live, what kind of care you receive, and even make life-sustaining treatment decisions if you have given them permission.
Why LPAs Are as Important as Wills
1. Protecting you while alive
A Will only takes effect after your death. An LPA ensures that if something happens while you are alive, someone you trust can act on your behalf straight away.
2. You stay in control
With an LPA, you choose who makes decisions. Without one, even your closest relatives do not automatically have the right to act for you.
3. Peace of mind at any age
Martin Lewis has said LPAs are not just for the elderly, pointing out that sudden illness or accidents can happen at any age.
4. Reducing stress for your family
An LPA prevents your family from needing to apply to the Court of Protection, saving them time, money, and distress.
5. A complete plan alongside your Will
A Will and an LPA work together. Your Will covers what happens after you die, while an LPA protects you during your lifetime. Together they form a complete estate plan.
Martin Lewis’s Advice
Martin Lewis has repeatedly urged people to take action:
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Arrange an LPA as soon as possible, even if you are fit and healthy. He has had one in place since his thirties (moneysavingexpert.com).
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Set up both types of LPA for full protection.
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Do not assume it is straightforward to complete the forms yourself. Many DIY applications fail because of errors. Professional guidance is often the best way to ensure your wishes are recorded correctly.
How AHJ Wills & Estates Can Help
At AHJ Wills & Estates in Sheffield, we help families across South Yorkshire set up their Lasting Powers of Attorney with confidence. We ensure your documents are tailored to your circumstances and registered properly. Our service includes:
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Guidance on choosing the right attorneys.
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Advice on when and how each LPA should be used.
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Support with the application process to avoid mistakes or delays.
Plan for peace of mind today
A Will protects your estate after you die. A Lasting Power of Attorney protects you during your life. Both are essential.
Contact AHJ Wills & Estates today:
Telephone: 0114 553 5416
Email: info@ahjwillsandestates.com
We will help you put everything in place so you and your family have peace of mind for the future.
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