Do I need an Enduring Power of Attorney?
Sometimes people think that EPAs are more for older people or elderly relatives. You may be fully able to deal with your finances now but what if a sudden accident or illness left you mentally unable to deal with these. If you have not appointed an Attorney your closest relatives may find themselves having to apply for a Court Order to deal with your finances. This can take time and be expensive. It can be avoided by having an Enduring Power of Attorney done now. You can even restrict its use until such time as (or rather if) you become mentally incapable of looking after your own finances.
Who should I choose to be my Attorney?
A spouse or adult child possibly. It should be someone whom you trust to look after your finances and property at a time when you may be most vulnerable and in need of help. You can choose a professional Attorney such as a solicitor if you prefer. We act as Attorneys for clients in some circumstances. You can have one or more Attorneys.
What does it cover?
An EPA can appoint Attorneys to look after all assets generally (even to sell your house if need be) or it can restrict what can be done on your behalf. An EPA can be as wide or a narrow as you want.
Can I change my mind?
You can change your mind and revoke an EPA at any time before it is registered. Your EPA should be registered by your Attorneys if they believe that your mental capacity is going or has gone and you can't look after your finances any more. You would be informed that your Attorneys are applying to register your EPA.
Can I be an Attorney for someone else?
Yes if they want you to help them. You may wish to use an EPA to provide reassurance to an older relative or friend. While they may be perfectly capable of managing their own finances at present, ill health or dementia in the future could make this difficult. By making an EPA now, they will be assured that their interests will be in safe hands. The important thing is that the EPA needs to be completed and signed while they are fit and well. We can always speak to family or friends if they wish to make an EPA.
