Martin Lewis urges people to act now on legal service ‘more important than a will’

Martin Lewis urges people to act on legal service 'more important than a will'Source: This Morning

Transcript

00:00If you're watching, I got my power of attorney at 35, right?

00:04I don't care how old you are, it's not just about dementia,

00:08it's strokes and it's accidents, severe strokes, I should say,

00:10and it's accidents and other things that stop us being able

00:13to look after both our financial and our health decisions.

00:16A power of attorney is arguably more important than a will.

00:19We've talked on the show before about power of attorney.

00:22You remember, Esme?

00:22You've talked to us personally about it as well, yeah.

00:25Power of attorney.

00:26If you have the power of attorney in place,

00:28that is what allows someone to take control of your finances

00:31when they lose their faculties,

00:33if and when they lose their faculties.

00:35If someone starts to lose their faculties

00:37and they don't have one in place,

00:39then you're going to have to apply

00:40at the court of protection,

00:42which is long, arduous, and costly.

00:44Now, from James's question, I'm sorry, James,

00:47I can't tell whether your mother is still in the stage

00:50where she would be able to sign over power of attorney now,

00:53where she still has enough faculties to be able to do so.

00:56If she can, you want to do that quickly,

00:58and it's going to have to be legitimate

00:59that she's in a position to do it.

01:01You'll want to get a power of attorney

01:03set up really quickly.

01:04If it's beyond the point where she is no longer capable

01:07of making the decision to do that,

01:09then it will be the court of protection.

01:11Being blunt, it will be expensive and timely and difficult,

01:15and I'm sorry, which is why, if you're watching,

01:19I got my power of attorney at 35, right?

01:22I don't care how old you are.

01:24It's not just about dementia.

01:26It's strokes and it's accidents, severe strokes,

01:28I should say, and it's accidents and other things.