3 Reasons Why You Need a Power of Attorney (When You're Young)

When you create a power of attorney (POA), that person can handle your financial, health, and other personal management issues when you cannot. While you may think of dealing with this type of legal document as something only for older people, that is actually not the case. Every adult should have a POA.  Here are the top 3 reasons why you need a power of attorney when you are a young adult.

Reason 1: You Need a Person of Your Choice to Handle Your Affairs

If you become incapacitated, you need someone appointed as your POA to handle your affairs. It is dangerous to go down the path of "It won’t happen to me." It is better to ask yourself, "Am I prepared if it does happen to me?" The answer can only be yes if you have a POA. Think of this: if you are injured, ill, or otherwise indisposed, you will need a power of attorney to:

• Address financial and business transactions;
• Settle claims and collect debts;
• Deal with tax matters; and
• Sign and execute contracts.

Your POA can handle your financial affairs on your behalf without going to court to get that power. 

Reason 2: You Must Appoint a Person to Address Your Healthcare Wishes

The lessons we learned from the COVID-19 pandemic are immeasurable. One that stands out, however, is that anyone can suddenly find themselves incapacitated due to a health issue. A POA allows for medical decision-making. It can include specifics regarding your wishes for care from general issues regarding medical history to whether you choose home care versus institutional care. If you want your wishes heard, you need a power of attorney (medical/healthcare).

Reason 3: You Have Lots of Responsibilities

Young adults are often extraordinarily busy facing the challenges of starting:

• College and graduate school,
• A first career job,
• Life in a new city, or
• A family.

All are time-consuming endeavors, often while you are away from your support system and making your way in the world. Having full power of attorney allows someone else to handle issues for you as needed, including signing contracts, making financial decisions, etc. You may assume your parent or partner can do this. 

But remember, once you are an adult, your parents have no ability to speak on your behalf unless you give them the authority to do so. Your partner too—even your spouse—will be limited without a POA.

Think of getting a POA as another step in adulting. It is not fun to tackle these things, but it is necessary. You can name any competent adult as your power of attorney: lawyer, parent, sibling, friend, etc. Think about who you trust to carry out your wishes if you cannot do so and who you believe could step in if you need a representative. 



Now when you ask yourself, Do I need a power of attorney? the answer will be yes. Speak with an experienced attorney, so that they can create your POA today.

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