Why You Need Power of Attorney Before It's Too Late
Even the healthiest among us should plan for a time when we might not be able to manage our own finances. Steve Webb, a former pensions minister, has just revealed why he handed control of his finances to his children at age 60 — and it’s a wake-up call we should all take seriously.
The uncomfortable truth is that illness, injury, or cognitive decline can happen to anyone, at any age. If you become unable to make financial decisions and haven’t put proper arrangements in place, your family could face a legal nightmare trying to access your bank accounts, pay your bills, or manage your investments.
This is where lasting power of attorney (LPA) comes in. It’s a simple legal document that lets you appoint someone you trust — a family member, friend, or professional — to manage your money and property if you can’t do it yourself. The key word is “lasting” — unlike an ordinary power of attorney, it remains valid even if you lose mental capacity.
Why does this matter now? Because setting up an LPA while you’re fit and well is straightforward and costs around £110 per document (you’ll need two: one for financial decisions, one for health and care decisions). Sorting it out in an emergency is far more complicated and expensive.
What you need to do:
Visit the Office of the Public Guardian website (gov.uk/lasting-power-of-attorney) to download the forms or order a pack. You don’t need a solicitor, though many people use one for peace of mind — expect to pay £300–600 if you do. You’ll need to name your attorneys, have the document witnessed, and register it with the Public Guardian.
Don’t put this off. Whether you’re 30 or 70, healthy or not, having an LPA in place gives you and your loved ones real peace of mind. It means your bills get paid, your affairs stay private, and your family isn’t left fighting the system if the worst happens.
Get started today at gov.uk — it could be the most important financial decision you make.