Safeguard your future: the importance of young people making Wills and Lasting Powers of Attorney

Facing the unthinkable while young

No one likes to consider a future where you pass away not having lived a long, full life, or where you have lost your mental capacity, especially when you are young, fit and healthy. However, arguably this is exactly when you ought to be thinking about these scenarios.  Research from Royal London revealed that only 20% of people in the 18-34 age category had made a Will, whilst Canada Life reported in 2022 that 78% of adults in the UK do not have registered Lasting Powers of Attorney (LPAs). Liverpool player Diogo Jota and popstar Liam Payne (who left behind a young son and reportedly never made a Will) are sadly just two examples of life’s unpredictability and why it is so important to safeguard and plan for your future.

Wealth and young people

Between entrepreneurs, musicians, reality stars, sportspersons, social media influencers and content creators there has been an increase in young persons amassing large amounts of wealth very suddenly. Taking the example of Liam Payne again, he and the other members of One Direction, who were all under the age of 18, went from living normal lives to being members of one of the world’s biggest boybands in the space of a few months. If, as reports suggest, Liam died without making a Will, it is unlikely that he undertook any estate and inheritance tax (IHT) planning, incurring not only a large IHT liability but also losing the opportunity to set out his wishes as to how his estate should be divided and to whom.

Take action to protect your future

The Law Commission released their report “Modernising Wills” on 16 May 2025 and one of their recommendations was to reduce the age to make a Will from 18 years to 16 years of age, perhaps as a reflection of our changing times and the increase in Millennial millionaires.

Making a Will might be a sombre subject, but it is the only way to control how and who inherits an estate. It also provides a chance to choose not only executors and/or trustees, but also to name guardians for any minor children and set out specific funeral wishes. Bespoke professional estate planning advice can ensure that all tax reliefs are fully utilised, and that appropriate asset protection measures for children are put in place.

Similarly, thinking about who would manage your financial affairs, and even decide where you should live, in the event of a loss of mental capacity, is not just the preserve of the elderly; Michael Schumacher is an example of this. Lasting Powers of Attorney (LPAs) – documents whereby “Attorneys” can be chosen to make such decisions in the event of a loss of mental capacity – should be front and centre of everyone’s lifetime succession planning in order to retain autonomy and avoid costly and lengthy court applications having to be made instead.

Any change in circumstances, be it financial or personal, should be a trigger to seek professional advice and engage in estate, tax and incapacity planning to ensure that in the worst circumstances you can still control how your finances, health and wellbeing are managed and that your wishes are observed.

How we can help

If you would like further information regarding Wills and LPAs, please contact the Private Client team.

This article is for general information purposes only and does not constitute legal advice or a comprehensive statement of the law. Specific legal advice should always be sought in relation to individual circumstances.

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   • Victoria Mahon

   • Partner
   • Private Client

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