What is an Enduring Power of Attorney?

As people continue to live for longer, the risk of dementia and in turn the loss of the ability to manage your own financial affairs is an increasing concern for many. Whilst many people are aware of the benefits of making a will, there is much less awareness of the advantages of having an Enduring Power of Attorney (EPA) in this situation which could happen to anyone regardless of their age as the result of a sudden accident or illness.

An EPA allows you to appoint one or more people to act on your behalf in relation to your financial affairs in the event that you are unable to do so yourself in the future. You may include restrictions that the attorney only act in relation to certain property in certain circumstances or grant a general power enabling them to sell your home, deal with your assets and income and any expenses including nursing home fees.

Whilst is may sound daunting to grant even a close relative such control over your affairs, there are safeguards in place and to become effective, the EPA will need to be registered with the High Court. This is not required until your attorney believes that you are no longer capable of managing your own affairs and notice must be given to you and your next of kin prior to registration to allow for any objections.

Should you lose the ability to manage your affairs without having an EPA in place, your next of kin may need to make an application to the High Court to be appointed as a ‘Controller’ which is a more expensive and time consuming process. Once appointed, the Controller will also have to submit accounts and pay court fees on an annual basis, neither of which is required of an attorney acting under an EPA.

If you would like to learn more about the benefits of putting an EPA in place, call 028 87724333 to arrange a free consultation.

Disclaimer - The opinions and suggestions made within this article should not be interpreted as specific advice in relation to any particular individual or individuals. FG Patton Solicitors does not accept responsibility for any loss occasioned by someone acting or refraining to act on the basis of the opinions and suggestions contained in this article.