Tonight's episode of The Martin Lewis Money Show was a difficult but important one.

Martin Lewis himself said tonight he would be discussing difficult conversations that you have to have within your family.

The main point Martin discussed tonight was the importance of a Lasting Power of Attorney.

A power of attorney is a way of giving someone you trust the legal authority to make decisions on your behalf if you're no longer able to make them yourself.

Planning for the unfortunate loss of mental capacity is admittedly an extremely uncomfortable thought, however, Martin said it can save you and your family thousands.

Money Saving Expert explains: "One person in the UK develops dementia every three minutes. Yet relatives can't just walk into a bank and access your money, even if it is to pay for your care. Unless you have a Power of Attorney, loved ones would need to apply through court, which can be long and costly."

Why set up a Lasting Power of Attorney?

If you lose mental capacity, unless you've already filled in the Power of Attorney forms, your loved ones will need to apply through court to become 'deputy', a long and expensive process.

Instead, you can nominate a trusted friend or relative before you lose capacity, by setting up a Lasting Power of Attorney (LPA). You can appoint one or more representatives to act for you, and can determine how they work together to make decisions on your behalf.

You may be thinking "This doesn't affect us, we're perfectly well". This is a common misunderstanding. The key thing to remember is that you can only set up a Lasting Power of Attorney when you have mental capacity. Once you've lost capacity, it's too late.

How much does a Power of Attorney cost?

There's a compulsory cost of £82 to register a Power of Attorney (in England and Wales – it's £85 in Scotland, £151 in Northern Ireland).

If you earn less than £12,000/year though, you can provide evidence to pay a reduced fee of £41. Those on certain benefits are exempt from fees