At What Age Should I Consider a Lasting Power of Attorney (LPA)?

INTRODUCTION

A Lasting Power of Attorney (LPA) is a legal document that allows you to nominate one or more individuals to legally make estate planning decisions on your behalf should you ever lose the capacity to do so yourself.

Remember that an LPA doesn't just apply to older people; you can set one up for an adult of any age. Given life's unpredictabilities, we urge you to do so.

This article outlines specifically at what age you should consider an LPA. For a broader understanding of LPAs, we invite you to browse our other related articles, which you can link to at the bottom of this page. 

AT WHAT AGE AM I ELIGIBLE TO CREATE AN LPA?

You must be at least 18 years old and of sound mental capacity to write an LPA.

For clarity, "sound mental capacity" means you can make and communicate decisions and fully understand the components and consequences of the LPA.

WHY WOULD I WANT TO CONSIDER AN LPA AT SUCH A YOUNG AGE?

Given life's unpredictable twists and turns, having an LPA in place always makes sense.

In our experience, everybody associates "mental capacity" with age-related diseases such as Alzheimer's or dementia, but we urge you not to assume this to be the case.

Singer Britney Spears lost mental capacity through diminished mental health, the Formula One racing driver Michael Schumacher lost mental capacity through an accident that nobody could ever have predicted, and there are some well-published examples of people who lost mental capacity during the Covid-19 pandemic.

This gives you the peace of mind for both you and your loved ones that your wishes will be taken care of in the event you're not likely to do so in the future.

WHEN SHOULD I CONSIDER AN LPA?

As a guideline, if you find yourself ticking two or more of the categories below, you should consider drawing up an LPA.

• You own property and/or other assets.
• You are either married or in a long-term cohabiting relationship.
• You have trusted people in your life you are responsible for.
• You don't want to place your loved ones under any undue emotional burden in the event you lose the capacity to make decisions.

Note:

 You should remember that an LPA is not the same as a Will. While we cover the main differences in more detailed FAQ articles, here's a summarised overview for quick guidance:

• An LPA protects your interests while alive and remains active throughout your life.
• A Will outlines how you want your Estate to be distributed after you die.

Need to know more or you’d like to discuss your options?

If you want to know more about an LPA, you can either visit this page or review some of the related articles below.

Alternatively, simply book a callback.

Or call us on 01233 659 796.

Or simply reach out to us here.