Martin Lewis, the ‘Money Saving Expert’, has highlighted the importance of Lasting Powers of Attorney (LPAs), describing them as “a crucial financial protection”.
The founder of MoneySavingExpert.com explained why Powers of Attorney are so important on his television programme recently after being asked how and when to go about putting them in place by a viewer.
Martin Lewis went on to explain the benefits of LPAs – including how they allow families access to money to pay for the care of a relative in the event of health conditions such as dementia or following a stroke or accident.
It isn’t commonly known that if an individual is incapable of handling their financial affairs for any reason, their family – or even their spouse – cannot access their money automatically. To do so, an application to the Court of Protection will be necessary – a process that Martin Lewis described as a hassle’, ‘long’, and ‘costly’. A further drawback is that the Court might not appoint the person that you would have wanted to take over your faculties.
With an LPA in place, the nominated person/people can assume control almost immediately at the point they are required to, leaving your financial affairs in safe hands.
According to Martin Lewis, seeking legal advice is the best way to approach the process of appointing attorneys via an LPA. “The best way, if you can, is to get a solicitor to do it”, he said.
Several other aspects of LPAs were discussed during the Martin Lewis Money Show Live course, including the safeguards in place to protect from financial abuse and the practicalities of registering a financial LPA with banks.
The benefits of a health and welfare LPA were also discussed, and Martin Lewis urged viewers to consider this in addition to financial LPAs.
More individuals are becoming aware of the importance of LPAs and the benefits of having these in place to protect financial assets. It is positive to see awareness being raised further on television programmes and by those in the public eye.
At O’Donnell Solicitors, we are able to advise individuals on all types of LPA – including those for finances, health and welfare, and business LPAs. We can also guide clients through making an application to the Court of Protection, should this be required.
For more information or to make an appointment with our Private Client team to make or review an LPA, please contact Jill Waddington.
The full transcript of the discussion from the Martin Lewis Money Show Live can be found here.