Power of Attorneys explained by Martin Lewis

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Martin Lewis has taken to Twitter to explain why having a Power Of Attorney and writing a Will is so important after figures show that 62% of people have neither in place.

The Money Saving Expert carried out a poll which revealed that only 12% of people have a power of attorney, which he said was “somewhat worrying.”

Martin Lewis said a Power of Attorneys is ‘arguably more important’ than having a will, and was eager to explain the ‘fundamental misunderstanding’ that many people have.

Power of Attorneys explained

A Power of Attorney is a legal document where one person (the donor) gives another person the right to make decisions on their behalf. Once in place, the POA can make choices for the donor, including medical or financial decisions

But, a POA can only be set up when the donor has the ability to ‘weigh up’ information and make decisions with ‘mental capacity.’

One follower responded to the poll to say their son is their next of kin so they ‘don’t need’ a power of attorney. But Lewis responded to explain that this is a ‘common’ mistake people make, and even with a next of kin in place, things can get tricky without a power of attorney.

Martin Lewis tweeted: “Power of attorney is there to give someone ability to manage your affairs and finances if you lose your faculties. Without your son would need apply to the difficult, court of protection to take over if you lost faculties, which takes far too long and is very expensive often leaving people in a nightmare limbo.”

The poll also showed that only 26% of people have a will in place. Your will lets you decide what happens to your money, property and possessions after your death. But if you die without a will in place, the law will decide who gets what.

Power of Attorney and Wills – what to do

Oakwood Solicitors can assist you in writing a will or help you through the process of assigning a Power of Attorney.

As a firm, we pride ourselves on having a high standard of customer service and making all our current and potential clients feel at ease when making any
decisions regarding their future wishes.

You will have a dedicated advisor who will work through the process with you from start to finish.

Your advisor will also continue to provide regular updates and ensure the process is as stress-free and effortless as possible.

Martin Lewis: Power of Attorneys explained amid ‘fundamental misunderstanding’

Martin Lewis has taken to Twitter to explain why having a Power Of Attorney and writing a Will is so important after figures show that 62% of people have neither in place.

Power of Attorney and Wills – what to do

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