It's never too early to set up a power of attorney, it can save time and money if you become mentally incapable of managing your own affairs and need someone to look after your affairs. It's important for anyone, regardless of age, who has finances and assets to protect if they become unable to make decisions for themselves.
You’re only able to set up a power of attorney while you still have mental capacity.
If you lose mental capacity and haven’t named someone as an attorney, one of your friends or relatives would have to apply to the Court of Protection (COP). The COP will appoint a deputy to manage your affairs and make decisions on your behalf. This is called a Court of Protection Order. But this can be a long and expensive process.