Young entrepreneurs ‘unaware of business game changer’

By Napthens

24 Jul 2020

Website
kathryn-harwood-new_.jpg

More than 50 per cent of young people are unaware of the dangers of not having a legally binding document in place to protect important areas of their lives including business and financial affairs, according to a new survey.

Some 54 per cent of 18-24 year-olds and 53 per cent of 25-34 year-olds polled in the YouGov survey commissioned by leading North West law firm Napthens didn’t know their future wishes could be threatened without a legal document such as a Lasting Power of Attorney (LPA).

LPAs are becoming increasingly popular - allowing individuals to appoint a trusted person to make future decisions on their behalf if they were to lose mental capacity - and were up to a record of more than 800,000 last year.

Kathryn Harwood, head of wills and estate planning at Napthens, said: “This shows how we need to educate younger people about how important taking out a document such as a Lasting Power of Attorney is, particularly where they have a business to consider.

“These documents are also applicable where someone may lose capacity because of illness, an accident or another event as well as age and are entirely relevant to safeguard the future of your business and your family.

“Many people aren’t aware that their next of kin does not have an automatic right or legal entitlement to deal with the affairs of a family member. Only someone who is legally appointed as an Attorney can deal with the affairs of someone else.”

Conversely, some 77 per cent of over-55s in the Napthens survey said they knew how important it is to have documents in place to hand over decision-making on such issues.

Kathryn Harwood added: “The individual can appoint one or more Attorneys, but it is imperative that they are people that the individual can trust completely. We are seeing more of our clients taking out LPAs and we would urge anyone who is thinking about protecting their family and their business to take action sooner rather than later.” 

There are two types of LPA, one which grants legal authority for decisions regarding financial and property affairs and can be arranged to take immediate effect.  A health and welfare LPA will only come into effect on incapacity and can cover day-to-day personal health matters right through to decisions regarding ‘life-sustaining’ treatment.

Enjoyed this? Read more from Napthens

Latest news

1

Breck to deliver £150m of affordable homes over four years Breck Development In Progress

Breck to deliver £150m of affordable homes over four years

18 Jul 2024

2

Business board launches to support county's economic growth Lancashire Business Board

Business board launches to support county's economic growth

18 Jul 2024

3

Thirteen new contract wins in three months for seoBusiness SeoBusiness Contract Wins

Thirteen new contract wins in three months for seoBusiness

19 Jul 2024

4

Blackburn Hotspots: Filling a big hole Blackburn Hotspots Lineup

Blackburn Hotspots: Filling a big hole

19 Jul 2024

5

GoDaddy chief returns to Lancaster to collect honorary degree Aman Bhutani

GoDaddy chief returns to Lancaster to collect honorary degree

19 Jul 2024

Bec Web Strip 980x120
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Built Environment Conference
BEC 315 X 315 Px
Networking
25 Sep 2024

Lancashire Built Environment Conference

Conference and Exhibition Centre, Winter Gardens Blackpool, FY1 1HL

08:30 - 13:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

Preston Freelancer MeetUp and Coworking Day
Screenshot 2024-06-13 at 13.55.10.png.png
LBV Hub Networking
30 Jul 2024

Preston Freelancer MeetUp and Coworking Day

Society1 Coworking Space, Preston, PR1 3LT

10:00 - 12:00

Skills Bootcamp in Procurement - Cohort 1
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Seminars
30 Jul 2024 - 08 Oct 2024

Skills Bootcamp in Procurement - Cohort 1

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

Chamber Breakfast Networking
Chamber Logo1.png.png
LBV Hub Networking
31 Jul 2024

Chamber Breakfast Networking

Pye Motors, Morecambe, LA3 3PF

08:00 - 10:00

Scaling your revenue: From zero to £1m in 60 months
CBP-logo LBV.png.png
LBV Hub Webinar
31 Jul 2024

Scaling your revenue: From zero to £1m in 60 months

Online, Online, Online

08:00 - 09:30

Online Women's Health Clinic
clinic.png.png
LBV Hub Webinar
06 Aug 2024

Online Women's Health Clinic

x, Online, x

12:00 - 12:00

International Coworking Day Open Day
1.png.png
LBV Hub Social
09 Aug 2024 - 09 Aug 2024

International Coworking Day Open Day

Society1 Coworking Space, Prestin, PR1 3 LT

10:00 - 13:00

Knowledge & Networking: Basic Digital Marketing
Chamber Logo1.png.png
LBV Hub Seminars
12 Aug 2024

Knowledge & Networking: Basic Digital Marketing

Lancaster Golf Club, Lancaster, LA2 0AJ

14:00 - 13:00

Understanding Menopause
menopause.png.png
LBV Hub Webinar
15 Aug 2024

Understanding Menopause

x, Online, x

12:30 - 13:15

Sub36 Networking Event - The Bee Centre
Sub36 Socialbee Centre
Networking
15 Aug 2024

Sub36 Networking Event - The Bee Centre

The Bee Centre, Chorley, PR6 8LZ

15:00 - 17:00

Mini Networkers - Family Fun Morning
CBP-logo LBV.png.png
LBV Hub Networking
16 Aug 2024

Mini Networkers - Family Fun Morning

Community & Business Partners CIC, Blackburn, BB2 3UA

10:00 - 13:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV116 Online Graphic
Subscribe now

Weekly news bulletin