Why everyone should have a Power of Attorney – not just the elderly
When people hear the term ‘Power of Attorney’, they often assume it’s something only the elderly need to worry about. After all, isn’t it just for those who may lose capacity due to illness or age? The truth is, a POA is essential for everyone, no matter your age or stage in life.
A Power of Attorney is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you are unable to do so. This could be due to an accident, sudden illness, or being out of the country. There are two main types:
- Continuing Power of Attorney – This covers financial and property matters (e.g. bank accounts, property and investments), allowing your nominated person to manage your affairs if you become unable to do so.
- Welfare Power of Attorney – This covers personal welfare and medical decisions, ensuring your wishes are followed regarding healthcare and daily living. For example your attorney can consent to or refuse medical treatment on your behalf, rather than leaving it to someone else to make these decisions for you.
Nobody can predict what will happen tomorrow. Accidents and illness can unfortunately happen at any age. While we often associate incapacity with older age, unexpected events such as car accidents, strokes, or sudden illness can impact anyone. If you were to lose capacity without a POA in place, your loved ones might face lengthy and costly legal proceedings to gain the authority to act on your behalf.
Despite popular misconceptions, without a POA, your bank accounts, property transactions, and bills could be left in limbo if you become unable to manage them. This applies even if you are married. This can create huge financial stress for your family if for example your partner was suddenly left to make mortgage payments and does not have the authority to do so.
If you don’t have a POA and something happens to you, your family may need to apply for a guardianship order in order to make such decisions and access your accounts, which is a complex, time-consuming, and expensive legal process.
Having a POA in place gives both you and your loved ones confidence and reassurance that should anything happen, the people you trust have the legal authority to act in your best interests. The best time to set up a Power of Attorney is now, while you have full capacity and can make clear decisions. At Ness Gallagher Solicitors, we are seeing more and more ‘younger’ people taking this into their own hands, and we are here to make the process straightforward and tailored to your needs.