Consumer guru Martin Lewis has encouraged everyone to ensure they have an up-to-date will in place, and well as power of attorney, during his ITV show on Tuesday night
Consumer champion Martin Lewis caused a wills website to crash as he urged people to get their financial affairs in order.
The founder of Moneysavingexpert.com dedicated the majority of his ITV show to the subject of wills and power of attorney. Part of the programme focused on Free Wills Month, which is happening during the whole of March.
The initiative brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using solicitors in selected locations across the UK. But after Martin highlighted it, the website freewillsmonth.org.uk was temporarily unavailable.
Appointments with solicitors need to be booked by March 31, although Martin said: “Don’t leave it to the 31st, do it now because appointments get booked up, but your appointment could be after March.”
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On the subject of why it is free, he said: “Because they hope you will leave a bequest to charity. That means you leave something in your will to charity, typically £300 to £1,000 or a percentage. It’s not compulsory but it is for charity and if you can, hey, once you’re gone you’re gone and you may as well leave them something.”
The star also used The Martin Lewis Money Show Live to go through what power of attorneys are and they are important. About 54% of people in a poll conducted ahead of the show said they had an up-to-date will in place but 24% have power of attorney.
On whether they or a will is more vital, he said: “Power of attorney is the most important. Without it, if you lose mental capacity your family could be locked out of your finances, even if you’re struggling to pay for your care or mortgage – a nightmare at the worst possible time.” He went on: “A will dictates what happens when you’re dead. A lasting power of attorney is for when you’re alive. f you lose mental capacity, don’t assume relatives can access you bank, your insurance and whole host of other things.
“That can literally mean the money you need to pay for your care if locked away and inaccessible. The money need to pay for your mortgage is locked away and inaccessible and someone else is going to have to find the cash in the meantime. That is why I say it is more important than a will.
“So consider, if you were to lose mental capacity, who would you like to look after you, who would you like to be able to access your funds to pay for things, who would you trust? And losing faculties doesn’t just happen to the elderly. Some people have severe strokes, have accidents, have early dementia.
“If you don’t have one in place it can cause real difficulties. You would need to apply to be a deputy via the court of protection. I rarely get good feedback on that. It can be costly, it can be stressful for families and it can take months and months.”
