Martin Lewis urges everyone to do same thing he did at 35 that is 'more important than a will'
Scots might not like to think about growing old or facing health issues that may impact our way of life and ability to make decisions. That is maybe why Power of Attorney registrations have taken a dramatic slump over the years.
A Power of Attorney is a legal document that allows someone to give another person the authority to make decisions on their behalf. This can be temporary if you're going into hospital or need help with bills, or long-term if you have a condition like dementia and want to plan for the future. Anyone you trust can be Power of Attorney.
Only a small percentage of people in Scotland have a registered Power of Attorney, according to recent data, with estimates suggesting that around nine per cent of adults have one in place since 2013.
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Martin Lewis, the money saving expert, arranged his when he was 35 years old. Speaking to viewers on This Morning recently, he explained why people should consider doing he same.
"I don't care how old you are," Martin said. "It's not just about dementia. It's [severe] strokes and it's accidents... and other things that stop us being able to look after both our financial and our health decisions.
"A Power of Attorney is arguably more important than a will."
He went on: "If someone loses their faculties and they don't have [a Power of Attorney] in place, then you're going to have to apply at the Court of Protection, which is long, arduous, and costly...
"The Power of Attorney is just a form you can sign online. You can do it yourself if you're reasonably competent. I mean, it's always better if you go through a solicitor".
Martin elaborated on the process: "The form is a document that says 'in the even I were to lose my faculties, I nominate these people to be able to look after my finances for me and they can then talk to the bank instead of me doing it...
"And then if I nominate my wife as Power of Attorney... I could say... my friend needs to be told first because he could then dispute and say, 'No, you shouldn't take control, Martin sill has his faculties, he should be doing it'.
"If there was a dispute, you can nominate trusted people who can intervene and argue one way or another.
"But the big point here is... everyone watching, Power of Attorney is more important than a will."
Viewers chimed in with their experiences.
One wrote: "We learned the hard way. Our grandfather suffered a catastrophic stroke, deemed as lacking mental capacity. No legal documents in place to deal with any decisions on his behalf."
Another shared: "They're inexpensive if you do it yourself on the government website," while a third added: "Court of Protection should be avoided at ALL costs."
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