Enduring Power of Attorney
As we grow older, many of us worry about our financial affairs and how we can manage them if we become too old, or become incapacitated due to illness or an accident. Therefore it is just as important to make arrangements to take care of this situation if it arises, as it is to make a Will.
Just like a Will this can easily be done by using a legal document called an Enduring Power of Attorney (EPA). However, this should be done whilst you are still fit and healthy - so it may make sense to arrange an EPA at the same time as you make your Will.
An EPA is used to appoint and authorise a person, or persons, of your choice to deal with your affairs on your behalf. The appointed person(s) are known as your
Attorney(s).
Usually an EPA comes into force if and when you become unable to direct your own affairs. It can cover just about all your affairs, or it can be restricted to certain things only.
Like a Will, it can be updated, amended or revoked at any time before it is registered with the Court of Protection.
You can appoint a husband or wife as your Attorney, so that if either you or your spouse becomes incapable, the other then has complete authority to organise your joint affairs.
Because you are giving full control of your affairs to someone else it is very important to choose your Attorney carefully. You must have complete trust in them to act in your best interests.
At Lifetime Estate Planning we can draw this up for you, following your directions and explaining the potential consequences to you.
If this is of interest please
contact us to arrange for your no obligation personal consultation.