top of page

Is It Worth Considering Lasting Power of Attorney at a Young Age?

As young adults, we are often caught up in life’s vibrant journey—attending university, starting our careers, and even beginning families. In this whirlwind, the importance of planning for the future might seem irrelevant. But amidst all the excitement, it's crucial to consider an important legal safeguard: the Lasting Power of Attorney (LPA). This powerful tool allows you to select someone to make vital decisions on your behalf if you become unable to do so.


In this post, we will examine why considering an LPA at a young age is essential and explore its various advantages.


Understanding Lasting Power of Attorney


A Lasting Power of Attorney is a legal document that gives a trusted person, known as an attorney, the right to make decisions for you if you can no longer make them yourself. There are two types of LPA: one for health and welfare and the other for property and financial affairs.


By establishing an LPA, you ensure that those who understand your values can make key decisions during tough times, such as health emergencies or unexpected events.


Why Young People Should Consider an LPA


Many young adults believe that setting up an LPA is unnecessary and only for older individuals or those with health issues. However, life is unpredictable, and challenges can arise at any age. Here are several compelling reasons why young adults should put an LPA in place:


1. Life’s Uncertainties


While you may feel invincible, unexpected events like accidents or sudden illnesses can happen. Research shows that about 1 in 4 young people may experience a significant health issue by the age of 30. Having an LPA gives you peace of mind, knowing that trusted individuals can handle your financial and health decisions if you cannot.


2. The Power of Choice


An LPA provides you control over who will make decisions on your behalf. Appointing someone you trust, whether a parent, sibling, or close friend, is vital. They should be well-acquainted with your values and preferences, ensuring your wishes are respected when it matters most.


3. Simplifying Complex Decisions


In times of crisis, decision-making can feel overwhelming. An LPA can significantly ease this process. With an attorney in place, decisions can be made swiftly and in accordance with your wishes, reducing stress for your loved ones during challenging times.


4. Financial Management


Juggling student loans, rent, and maybe even a mortgage is common for young adults. An LPA allows you to designate someone to oversee your finances if needed. This ensures that your bills are paid on time, protecting your credit rating and financial stability. For instance, if you were involved in an accident and could not handle your finances, having an LPA means your mortgage would still be paid, avoiding foreclosure.


5. Reducing Family Strain


Family dynamics can become strained during crises. A Lasting Power of Attorney can help clarify who is in charge of decision-making. This reduces potential conflicts among family members who may otherwise argue about who should take charge, providing a smoother process for your loved ones.


6. It’s More Accessible Than You Think


Contrary to common belief, creating an LPA is not overly complex or expensive. Many resources, including online guides and legal services, offer straightforward and affordable options for drafting these crucial documents. In fact, it could cost as little as £82 to register an LPA in the UK, making it a reasonable investment in your future.


7. Setting a Precedent for the Future


By creating an LPA at a young age, you initiate a proactive approach to planning. This encourages you to reflect on your life goals and fosters responsible decision-making later on. Moreover, showing peers the importance of such planning can inspire others to take similar steps.


How to Set Up Lasting Power of Attorney


If you’re ready to consider an LPA, here's a simple step-by-step guide to help you through the process:


Step 1: Understand the Types of LPA


You will need to decide whether to set up one or both types of LPA: health and welfare or property and financial affairs.


Step 2: Choose Your Attorney


Select someone who knows you well and can represent your best interests. Ensure they are willing and ready for this responsibility.


Step 3: Complete the Forms


Locate an LPA form on government websites or legal service providers. Fill in the necessary sections carefully to ensure accuracy.


Step 4: Register the LPA


The completed document must be registered with the appropriate authority. This process can take several weeks, so plan accordingly.


Step 5: Keep Your LPA Updated


Review your LPA regularly to accommodate changes in your life, such as new jobs, relationships, or family circumstances. Keeping it current ensures your preferences reflect your situation.


In Summary


Considering a Lasting Power of Attorney at a young age may seem unnecessary. However, taking this step can provide invaluable peace of mind for the future. Life is full of uncertainties, and having an LPA means you can navigate those uncertainties on your own terms.


Recognizing the importance of this legal tool empowers you to ensure your wishes are fulfilled, supports your loved ones, and helps keep your affairs in order.


The significant advantages of having an LPA are too important to overlook. Don’t wait until it’s too late; take action today for a secure and well-structured tomorrow.


Close-up view of a legal document with a pen
Legal document representing lasting power of attorney

Recent Posts

See All

Winter Sale on Now

15% off all Wills and Lasting Power of Attorney Services. SingleBasic Will now £148.75 Couple Basic Will now £240.00 Single Trust Will...

Comments


bottom of page