Act Now To Secure Your Enduring Power Of Attorney

19 July 2007

Time is running out to sign an Enduring Power of Attorney (EPA) which will give your chosen representative the authority to deal with your affairs should you become incapable, warns lawyer Harvey Barrett, an expert in estate planning.

From October 1, 2007, EPAs which are low cost and can take effect immediately, will be replaced by the Lasting Power of Attorney (LPA). The cost of the latter is likely to be higher as the document is more detailed, and it must be registered before it can be used, leading to a time delay – a period when no-one will be able to legally manage your affairs.

Harvey, who is a partner and head of Private Client at Furley Page Solicitors, says: “At the moment, if you do not have an EPA in place, which can be useful regardless of mental capacity and age, an application would have to be made to the Court of Protection to appoint a Receiver. Individuals would have no say in who is appointed to deal with their affairs and the application process is likely to be costly and time consuming. An EPA avoids these problems and is effective once it is signed, even though individuals can continue to manage their affairs until such time as they wish to hand over the responsibility. Restrictions can also be put in place such as the EPA only being effective if mental incapacity is experienced.”

EPAs, provided they are signed by the end of September, will be valid after October 1. If desired, it is possible to switch to a Lasting Power of Attorney which will have similar powers.

Harvey added: “Serious consideration should be given to setting up an EPA before it is too late. This will save money and give peace of mind.”

For more information contact  Harvey Barret

‹ Back

• © Furley Page LLP 2008
• | LLP
• | Terms and Conditions
• | Privacy Policy
• | Site Map
• | Accessibility