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Published 23rd January 2025 by | Lasting Power of Attorney

The importance of making an LPA

Money Saving Expert, Martin Lewis recently emphasised the importance of setting up a LPA stating that it is more crucial than making a Will.

During an appearance on his latest TV series of “The Martin Lewis Money Show,” he shared that he arranged his own LPA at the age of 35 and is urging others to do the same, regardless of their age.

He mentioned: “Most couples these days have separate finances. Ask yourself, are your finances such that only you can access them? If so, if one partner loses their faculties and the other partner could not access their finances, the consequences could be terrible for both.

Everyone should have an LPA. I’ve had one for 10 years and I have no foreseeability of losing my faculties.”

Why is an LPA important?

Martin Lewis explained that while a Will is essential for distributing assets after death, an LPA ensures that trusted individuals can make critical decisions on your behalf if you become incapacitated due to accidents, severe strokes, or other health conditions. Without an LPA, families may face lengthy and costly court processes to gain control over the incapacitated person’s finances and health decisions.

What are the types of LPA?

There are two main types of LPA:

Property and Financial Affairs LPA – Covers decisions about managing bank accounts, paying bills, collecting pensions, and selling property. It can be used as soon as it is registered, with your consent, or when you lose mental capacity.

Health and Welfare LPA – Covers decisions about medical treatment, daily care, and living arrangements. It can only be used when you lose capacity.

What are the benefits of having an LPA?

  1. Peace of Mind – Knowing that your wishes will be respected and decisions will be made by someone you trust.
  2. Financial Security – Protecting your assets and financial interests if you become incapacitated.
  3. Life Happens – Accidents or sudden illnesses can affect anyone, regardless of age or health status.

How we can help

Martin Lewis’s message is clear – setting up an Lasting Power of Attorney is a crucial part of personal and financial planning at any age. It provides security and ensures that your loved ones are not burdened with unnecessary stress during difficult times.

Speak to our expert LPA team today on 01525 378177 or email info@ommlaw.co.uk.

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