By Christian Abbott

Copyright birminghammail

Martin Lewis has shared with his listeners the vital document he’s held in his possession since his 30s, and he is urging UK households to get it themselves. For £82, Brits can get a lasting power of attorney (LPA) – a legal document that allows you to choose trusted individuals, called attorneys, to make decisions on your behalf. These decision regard your property, finances, or health and welfare, should you lose the mental capacity to make those decisions yourself. Read more: First Direct launches competitive 7% interest savings account The 53-year-old Money Saving Expert (MSE) founder outlined the document’s importance during the latest episode of his BBC podcast. Martin said: “Wills are really important, but in my view, a power of attorney is even more so, which is why it’s worrying that far fewer people have them. “Best is to have both. But when you’re dead, you’re dead, it’s just a question of where your assets go. “But without a power of attorney, if you lose mental capacity, all your assets can be locked away with your loved ones unable to access them to pay for, say, your mortgage or even to pay for your care. What they then have to do is go through th “So having a lasting power of attorney set up in advance where you’ve nominated trusted people to look after your finances if and only if you lose capacity so they can help you out, is crucial. “Now you might just be thinking, yeah, that’s good for the elderly. No, I’m 53, I know, I look younger. But I’ve had one in place since my 30s. In my view, this is crucial peace of mind protection. “If you haven’t got one, I know it’s a grown up thing to think about, but it’s also a really important thing to think about.” While the document costs £82 today, acting quickly is crucial, as the Labour Party government has warned that it will raise in price to £92 from November 17. Join our dedicated BirminghamLive WhatsApp community for the latest updates sent straight to your phone as they happen. You can also sign up to our Money Saving Newsletter which is sent out daily via email with all the updates you need to know on the cost of living, including DWP and HMRC changes, benefits, payments, banks, bills and shopping discounts. Get the top stories in your inbox to browse through at a time that suits you.