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Power of attorney 'for young and old'
It has been claimed that a welfare power of attorney, which allows people to pass their financial affairs on to another person, can be beneficial to younger people.
According to Iain Considine, journalist for the Press and Journal, many people believe that the option is only for the elderly who can no longer manage their own finances, but anyone who spends a lot of time out of the country can also take advantage of the tool.
"A continuing and welfare power of attorney can be the ideal mechanism to fulfil this role, because the nature of this is usually such that it confers a broad range of powers on the appointed individual," he explained.
It was added that younger people are also more likely to be involved in sudden incidents which may render them unable to take care of their own affairs and a power of attorney could help family members avoid a lengthy process to be issued a guardianship order.
Financial journalist for MarketWatch, Ruth Mantell, recently said that that it is also important for young people to write a will after they have had children, in case of a more serious accident.
Posted Gemma Roskell
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Published on: April 22, 2010