More people than over are taking
the trouble to make a Will, to ensure that their affairs are settled
according to their wishes, and with minimum upset, fuss and cost
after their death.
It is important that they make similar
provisions to organise their affairs in case they should become unable
to do so during their lifetime, through illness, accident or old
age - an ever increasing possibility given advances in medicine.
REMEMBER, THE VALUE OF THE
ESTATE COVERED BY YOUR
WILL DEPENDS ON THE CAREFUL MANAGEMENT OF YOUR
AFFAIRS DURING YOUR LIFETIME. |
Where someone becomes incapable, without an Attorney, the Court
of Protection will appoint a Receiver for them.
Anyone with a valid interest, even a local authority, may be considered
or, in the absence of an applicant, a solicitor
This takes time (during which
important matters cannot be settled) can involve large legal bills,
and will incur court fees. There are Appointment Fees, Commencement
Fees, Transaction Fees, an Annual Administration Fee each year
and even a Winding-Up Fee when you die.
This can add up to thousands of pounds of your money in which
you have no say.
All this can be avoided easily,
at little cost, through a legal document - an Enduring Power of
Attorney (EPA) - but it must
be done whilst you are fit. It cannot be done after the event.
- An EPA appoints persons, of your choice to deal with
your financial affairs on your behalf. Often those you
have chosen to be the Executors of your Will are ideal.
- An
EPA can take effect immediately but often is restricted
to come into force only if you became incapable.
- An EPA
can cover all your financial affairs, or it can be restricted.
- Like your Will, an EPA can be amended or revoked at any
time before it is registered.
When your attorney(s) consider that you are no longer able to
look after your own affairs, they have a legal duty to register
the EPA with the Public Guardianship Office.
There are many statutory safeguards against misuse. The Court
will NOT register an EPA unless you have been
notified first. If you are still fit, you can object and prevent
registration.
An Enduring Power of Attorney is an extremely valuable document
which needs to be drawn up with great care and competence.
The EPA itself has to be prepared in a legally prescribed form
and can be rejected by the Court if the regulations are not scrupulously
observed.
We are experienced in this specialist area and
are happy to advise you.
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