Martin Lewis Talks Lasting Powers of Attorney in The Independent
In a recent article in The Independent, Martin Lewis, founder of Money Saving Expert, said: "If you lose mental capacity, don't assume relatives can access your bank, your insurance, and a whole host of other things [...] Someone else is going to have to find the cash in the meantime,” Mr Lewis added. "That is why I say this is more important than a Will."
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When it comes to planning for the future, most people understand the importance of making a Will. A Will allows you to set out what should happen to your money, property and possessions after you die. It can help you to ensure that the people you care about are provided for and that your estate passes in accordance with your wishes. But what happens if you are still alive, but become unable to make important decisions for yourself?
This is the question recently highlighted in The Independent. Martin Lewis urged people to consider making a Lasting Power of Attorney, describing it as potentially “more important than a Will.”
That might sound surprising coming from a financial expert. After all, Wills have long been seen as one of the most important legal documents you can make. However, Monika Volsing, Head of Private Client at Winston Solicitors, agrees with Martin Lewis's central message. "Ideally, you should have both a Will and Lasting Powers of Attorney in place,” she advises.
As Martin Lewis put it, “Wills are really important, but in my view, a power of attorney is even more so”. His point is not that Wills do not matter. Instead, he is highlighting something many people overlook - a Will only takes effect after you die, whereas a Lasting Power of Attorney can protect you during your lifetime if you become unable to make decisions for yourself.
Why Martin Lewis Believes LPAs Are So Important.
In the article published by The Independent, Martin Lewis explained that he has had a Lasting Power of Attorney in place since his 30s. He urged people not to assume that losing mental capacity is something that only happens in later life. Serious illness, a stroke, an accident or conditions affecting the brain can all affect someone's ability to make decisions.
This is an important point. Many people think of a Lasting Power of Attorney as something to consider when they are elderly or after they have received a diagnosis like dementia. However, you must have the required mental capacity when making an LPA. Waiting until you need one could mean waiting too long.
Martin Lewis also highlighted the practical difficulties that can arise if somebody loses mental capacity without an appropriate LPA in place. He warned: “If you lose mental capacity, don't assume relatives can access your bank, your insurance, and a whole host of other things.”
This is a message Monika strongly agrees with.
“We often speak to people who assume that their spouse, partner or adult children would automatically be able to deal with everything if they became unwell or lost mental capacity,” she says “That is not necessarily the case. A Lasting Power of Attorney allows you to choose who you trust to make or help with decisions on your behalf. I agree with Martin Lewis, it is something people should consider long before they think they might need it.”
What Is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint one or more people, known as attorneys, to make decisions for you or help you to make decisions if you are unable to make them yourself.
There are two different types of LPA in England and Wales:
- Property and Financial Affairs LPA. This covers decisions about matters such as money, bank and building society accounts, bills, property, investments, pensions and benefits.
- Health and Welfare LPA. This covers decisions about matters such as medical care including life sustaining treatment, where you live and your daily routine.
You can choose to make one type of LPA or both. The two documents deal with different parts of your life, which is why many people choose to put both in place as part of their wider future planning.
LPAs and attorneys exist in a robust legal framework to protect you when you make them. The Office of the Public Guardian (OPG), a government body, registers all LPAs, and advises and monitors attorneys.
Why Your Family Cannot Simply Step In
One of the biggest misunderstandings surrounding LPAs is the belief that your closest relatives automatically have the legal authority to manage your affairs if you become unable to do so. It's understandable why people think this. If you are married, in a long-term relationship or have adult children, it makes sense that to assume they would simply take over if you became seriously ill or lost mental capacity.
However, being someone's spouse, partner, child or "next of kin” (not a real legal term!) does not automatically give you unrestricted legal authority to manage their finances or make decisions on their behalf. This can create real practical difficulties.
The exact circumstances will depend on the individual and the decisions that need to be made. However, LPAs can give your chosen attorneys authority to make or help with financial and/or health decisions within the scope of the LPA.
That could involve dealing with bank and building society accounts, paying bills, managing investments, dealing with pensions and benefits, or making decisions about property in the financial LPA. In the health LPA, the decisions could be about whether you stay at home or go into care, what food you eat, what treatment you receive, or if you should be kept on or taken off life support.
Without an appropriate LPA, if you have already lost the relevant mental capacity, it may be necessary for someone to apply to the Court of Protection for authority to manage their affairs as your deputy. This could be a family member, or it could be a stranger (usually a professional like a solicitor) if nobody in your immediate family can help, or you don’t have any close relatives. That can be a significant additional process for families at what may already be a very difficult and stressful time, not only taking longer than it does to get an LPA (6 months plus, as opposed to 10 weeks) but being a lot more expensive (the court fee alone for a deputyship order is £432 - the LPA registration fee is £92). And if a professional deputy is appointed, they charge for their time managing your affairs., which is paid for from your funds.
An LPA is About Keeping Control Over Your Future
The idea of someone else making decisions for you can feel unsettling. Some people worry that making an LPA means giving away control of their life or finances. This is not how LPAs are intended to work.
A key benefit of making an LPA is that you get to make the choices while you are able to do so. You decide who you want to appoint as your attorney. This might be your spouse or partner, an adult child, another family member, a trusted friend or, depending on your circumstances, someone else you trust. You can also appoint a professional attorney if you choose – this is a good idea if you don’t have close family to manage your affairs or you have complex affairs (professional attorneys are usually only appointed for finances).
You can appoint more than one attorney and decide how they should make decisions. You can also appoint replacement attorneys in case somebody you originally chose is unable or unwilling to act in the future.
This is also a chance to include preferences and, where appropriate, legally binding instructions within the LPA so your attorneys know your wishes when they need to act for you (otherwise they have a general power to act as you would have done should you have been able to, and in your best interests).
In other words, an LPA allows you to plan ahead and decide who you would trust to support you if your circumstances changed.
What Can a Property & Financial Affairs Attorney Do?
A Property and Financial Affairs LPA can cover a wide range of important financial decisions. Depending on the terms of the LPA and the circumstances, your attorney may be able to deal with your money, pay bills, manage your bank accounts, deal with property and investments, and manage pensions or benefits.
Importantly, a Property and Financial Affairs LPA can, in some circumstances, be used while you still have mental capacity if the LPA permits this and you give your permission. Otherwise, it can only be used when you no longer have mental capacity to make the relevant decisions.
This can be useful where somebody wants trusted attorneys to help them manage their affairs, perhaps because of a physical illness, mobility difficulties or another situation where they would welcome practical support but still retain the ability to make their own decisions.
An LPA does not mean that an attorney can simply do whatever they want. Attorneys have legal duties and responsibilities and must act as you would have done and in your best interests.
What Can a Health & Welfare Attorney Do?
A Health and Welfare LPA deals with very different, and often deeply personal, decisions. Depending on the authority given in the LPA, this can include decisions about where you live, your day-to-day care, medical treatment and your daily routine. Importantly, it can give your attorneys the right to accept or refuse life sustaining treatment on your behalf.
A Health and Welfare LPA can only be used when you lack the mental capacity to make the relevant decision yourself. This distinction is important. Making a Health and Welfare LPA does not mean that somebody else takes over your personal decisions simply because you have appointed them as an attorney.
You remain entitled to make your own decisions for as long as you have the mental capacity to make the particular decision in question. However, if a time comes when you cannot make those decisions yourself, having an LPA in place means you have already chosen who you want to act for you.
Why You Should Not Wait Until Later in Life
Future planning is often postponed because people assume there will always be time to deal with it later. You might be healthy now. You may have no concerns about your memory or ability to make decisions. You might have a close family who you are confident would do everything they could to support you. But an LPA is not about assuming something bad is going to happen. It is about recognising that life can be unpredictable and making sure that you, rather than circumstances, decide who should be able to help you.
Monika explains: “The best time to make a Lasting Power of Attorney is when you can think carefully about your choices. You can consider who you trust, appoint the right attorneys and make sure the documents reflect your wishes. Nobody likes to think about losing mental capacity, but putting LPAs in place can provide enormous reassurance.”
A Will & an LPA Do Different Jobs
The debate about whether an LPA is “more important than a Will” should not distract you from one very important fact, however. These documents do completely different jobs.
A Will takes effect after your death. It sets out who should inherit your estate and appoints executors to deal with your affairs after you die.
A Lasting Power of Attorney applies during your lifetime. It can allow people you have chosen (your attorneys) to make or help with certain decisions if you are unable to make the relevant decisions yourself.
Your attorneys and your executors can even be the same people.
However, having a Will does not give someone authority to manage your financial affairs while you are alive. Likewise, an LPA does not decide who inherits your estate when you die. That is why Martin Lewis recommends having both. For many people, a comprehensive approach to future planning means considering a Will alongside both types of LPA.
Speak To Our Private Client Team About Making an LPA
If you are considering making a Lasting Power of Attorney, our Private Client team can advise you on the options available and help you put the right arrangements in place for your circumstances.
We can also discuss LPAs as part of your wider future planning, including making or reviewing your Will. Contact Winston Solicitors today to speak to our Private Client team about Lasting Powers of Attorney and future planning.
Note for publication: The Martin Lewis comments referenced in this article were reported by The Independent on 8 September 2026. You can read the original article here: Martin Lewis urges Brits to sign document ‘more important than a will’.
