Enduring or Lasting Powers of Attorney
October 2007
Why we should all think about giving an Enduring or Lasting Power of Attorney
How many times have you seen this image on TV - a greedy family member pushing papers under the nose of an unsuspecting elderly relative and whispering ‘Sign this!’
However close we are to our families, many of us might have a moment of doubt at the suggestion that we hand over responsibility for our financial affairs to them!
Previously you could sign an ‘Enduring Power of Attorney’ in which you appoint a person to handle your financial affairs should you lose your capacity to manage them yourself. The advantages of this were both cost and reassurance. If you didn’t have an EPA and became incapacitated, you had to make an expensive receivership application to the Court of Protection. Plus, with an EPA drawn up you could be safe in the knowledge that your finances would be protected.
So what’s new?
- Lasting Power of Attorney replaced the Enduring Power of Attorney from 1st October 2007
- You can now appoint a person to manage your medical and welfare matters as well as your finances
- A statement will be required with a detailed assessment of your capacity, prepared by a suitably
qualified individual such as your solicitor or doctor
- The LPA cannot be used until either you or your solicitor registers it
- You will still be able to make financial or welfare decisions you are capable of – so you won’t
necessarily lose full control as is the case under the current system
But is it for me?
You might be reading this thinking it doesn’t apply to you - you are young, fit, healthy and Powers of Attorney only apply to old people making their will. We all know the benefits of making a will as early as possible. But what happens if you have an accident, or are affected physically or mentally by a sudden illness?
For further information about the new changes, please call Sarah Palmer on (01256) 354481.
