Martin Lewis tells BBC all parents must do one thing 'more important than a will'

The Money Saving Expert has urged Brits to set up one crucial document to ensure their finances are secure should they lose their faculties due to a stroke, accident or dementia

Across the UK and worldwide, drafting a Will is standard practice. Such legal documents, determining the inheritance of one's assets, are pivotal for protecting your family's financial future.

Yet, Martin Lewis has issued an urgent alert suggesting that many Brits are overlooking a vital element. In a recent BBC Sounds episode, the money-saving expert expressed 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 Martin Lewis Podcast, 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."

Granting someone power of attorney means legally empowering them to make decisions for you when you're no longer able to. As Martin points out, such provision is essential under various circumstances that could befall anyone at any time.

Accidents, strokes and early onset dementia are among the health issues that can necessitate a power of attorney, along with various other physical and mental health problems. However, these legal documents are often overlooked, warns the financial expert.

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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 944,000 people have dementia across the nation, while strokes occur more than 100,000 times per year, according to Brain Research UK.

Now 52, Martin has had a power of attorney since his mid-30s and encourages others to do the same, particularly if they have dependants. "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," he said.

To set up a 'lasting power of attorney' in England, you can fill out a paper document or online form using the Government's website.