Martin Lewis has issued a new money warning - and he says many people need to take action.
In the UK and all over the world, setting up a will is common practice. These legal documents - which decide who inherits your assets - are crucial for securing the future of your family's finances.
And yet, Martin Lewis has now warned that many Brits are missing a trick. In a new , the financial guru argued there's something even 'more important than a will' and it's especially crucial for anyone at risk of a stroke, accident or dementia.
Speaking on the , he explained: "What I would say is in many ways I believe that power of attorney is more important than a will. And the reason for that is if you die, you're just talking about who your stuff goes to, but if you lose your faculties the financial issues are often more urgent but less clear cut.
"Who will look after you? Who can access your funds to pay for your living and your care? Who will ensure your money is still working for you if you're no longer capable. And that's what a power of attorney is there to fix, it's not perfect, but in many ways it's more important because losing faculties isn't just something that happens to the elderly."
A power of attorney is giving someone the legal right to make decisions on your behalf when you're no longer able to. As Martin suggests, this can prove crucial in various scenarios that can affect anyone at anytime.
Accidents, strokes and the early onset of dementia are certainly among them, along with various other physical and mental health problems. But the financial expert warned these legal documents are worryingly overlooked.
In a social media poll of 51,000 people, he claimed that 51% of participants had a will but only 26% had a power of attorney. This comes at a time when a staggering while strokes occur more than 100,000 times per year, according to .
Now 52, Martin claimed he's had a power of attorney since his mid-30s and urges other adults to follow suit - especially if they have dependants.
He continued: "Accidents, stroke, early onset demnetia and more may hit anyone. And younger people have separate finances. So, everybody out there, if you have dependants I would suggest you look at a power of attorney.
"...Most of us have had loved ones who've had dementia and we've seen them disappear. And what you need to understand, if you don't have a power of attorney then you're going to the dreaded Court of Protection - and I mean dreaded - or the equivalent..."
To set up a 'lasting power of attorney' in England, you can fill out a paper document or online form through the .
