As seen on The Martin Lewis Money Show
At GLP Solicitors, we regularly speak to clients who believe estate planning starts and ends with a Will. However, as highlighted by Martin Lewis on The Martin Lewis Money Show, one of the most important legal documents you can put in place during your lifetime is a Lasting Power of Attorney (LPA).
In a recent discussion, Martin Lewis was asked a crucial question:
“What would you prioritise; wills and power of attorney, or tax, pensions and inheritance planning?”
His answer was clear, Lasting Power of Attorney should be a top priority, and in many cases, even more important than a Will.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is a legal document that allows you to appoint one or more trusted people (known as attorneys) to make decisions on your behalf if you lose the mental capacity to make those decisions yourself.
There are two types of LPA in England and Wales:
- Property and Financial Affairs LPA, allowing your attorney to manage your finances, bank accounts, bills, pensions, and property.
- Health and Welfare LPA, allowing your attorney to make decisions about medical treatment, care arrangements, and day‑to‑day wellbeing if you are unable to do so.
At GLP Solicitors, we advise clients to consider both types to ensure full protection.
Why is a Lasting Power of Attorney so important?
Martin Lewis explained that while a Will only takes effect after you pass away, a Lasting Power of Attorney protects you while you are still alive.
If you lose capacity due to an unexpected event such as:
- A serious accident
- A stroke or heart attack
- A sudden illness
- A brain injury
- Early onset dementia or another medical condition
and you do not have an LPA in place, your loved ones will not automatically be able to help you with important decisions.
Without an LPA, family members may be forced to apply to the Court of Protection to gain authority to act on your behalf. This process can be:
- Time‑consuming
- Stressful
- Expensive
and the court may appoint someone you would not have chosen yourself.
Do you need a Lasting Power of Attorney if you’re young?
One of the biggest misconceptions is that LPAs are only for older people. In reality, any adult over the age of 18 should consider having an LPA.
Loss of capacity can happen at any age, and it often happens without warning. Accidents and sudden medical emergencies do not discriminate.
This is why Martin Lewis strongly recommends that everyone, regardless of age, takes steps to put an LPA in place.
Why you should act now
It is crucial to understand that you can only create a Lasting Power of Attorney while you still have mental capacity. Once capacity is lost, it is too late.
By acting early, you:
- Maintain control over who makes decisions for you
- Protect your finances and wellbeing
- Reduce stress and uncertainty for your family
- Avoid costly court applications
How GLP Solicitors can help
At GLP Solicitors, our experienced private client team can guide you through the process of setting up a Lasting Power of Attorney clearly and efficiently. We ensure your documents are:
- Legally correct
- Tailored to your personal circumstances
- Properly registered with the Office of the Public Guardian
We will also explain your options in plain English, so you can make informed decisions with confidence.
Speak to GLP Solicitors today
A Lasting Power of Attorney is not just a legal document, it is peace of mind for you and your loved ones.
If you would like advice on setting up a Lasting Power of Attorney, or you are unsure whether you already have the right protection in place, contact GLP Solicitors today. Planning ahead now can make all the difference tomorrow.