Yes, even young people need an EPOA

April 21, 2023

Unexpected events can happen at any age, leaving you unable to make your own decisions. If you were to be in an accident it would be a hard time for your family. To ease the burden and to enable your loved one to make decisions for you with ease in the event you lose capacity you should make an enduring power of attorney.

An enduring power of attorney (EPOA) is a legal document that allows you to appoint individual/s you trust to make decisions on your behalf if you lose mental capacity due to illness or injury.

By appointing individual/s as your attorney/s you can ensure that your affairs are managed according to your wishes and avoid costly, invasive court intervention that may be required without an EPOA.

An attorney can be appointed for both personal/health decisions and financial decisions.

Personal/health decisions includes decisions on such things as the treatment you receive, where you live and how you are cared for.

Financial decisions include making decisions and managing things such as paying bills, transferring property or managing investments.

Here are some reasons why you should consider getting an EPOA as a young adult:

1. Accidents can happen at any age: young adults are highly susceptible to unintentional injuries, whether it be through a lack of experience in the workplace/driving, increased risk taking or participation in sports. An accident could leave you unable to make decisions. By appointing an attorney in advance, you can ensure that your affairs are managed as per your wishes.
2. Protection in case of illness: Serious illnesses can impact your decision-making abilities. By appointing an attorney, you can ensure that your financial and healthcare decisions are made by someone you trust.
3. Avoid court intervention: If you become incapacitated without an EPOA in place, the court may need to appoint an individual/s as administrator to make decisions on your behalf. This process can be lengthy, costly and invasive. Having an EPOA can help avoid this situation.
4. Control over decision-making: By appointing an attorney, you can ensure that the decisions made on your behalf align with your values and wishes. This can be particularly important for medical decisions.

Overall, making an EPOA is a proactive step that can help ensure that your wishes are respected in the event you are unable to make your own decisions and will be one less thing for your loved ones to worry about in an already difficult time.

If you would like advice around this issue please contact a member of our Estate Planning team.