Enduring Powers of Attorney
Who will look after your affairs?
What is an Enduring Power of Attorney?
An Enduring Power of Attorney (EPA) is a legal document that is drawn up whilst you are fit. It appoints a person(s) of your choosing to deal with your financial affairs on your behalf. This document can take effect immediately but often is restricted to come into force only if you become incapable.
Your EPA can cover all your financial affairs, or it can be restricted to deal with specific areas of your life and can be amended or revoked at any time before it is registered.
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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. It is important to note 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.
Where to Start?
Just like going to the dentist once a year, it's important to make sure you have this document up to date. It is important to make provisions for your health and your affairs in case you become unable to do so through illness, accident or old age.
Without an attorney, when someone becomes incapable the Court of Protection will appoint a Receiver for them. This process is timely during which important matters cannot be settled and can involve large legal bills, and will incur court fees. Here are just some of the fees which can add up to thousands of dollars/pounds in which you have no say:
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Appointment Fees,
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Commencement Fees,
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Transaction Fees,
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Annual Administration Fee each year and
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possibly a Winding-Up Fee
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All this can be avoided easily, at little cost, through this legal document.