Why you Need an Enduring Power of Attorney

The loss of the bread winner can be devastating to any family. One of the steps you can take to reduce the problems your family Will face after your death is to leave a Will, appointing the people you wish to administer your estate and setting out exactly what you wish them to do. That is why we always recommend that you make a will and review it at regular intervals, making alterations to reflect changes in family and financial circumstances.

Many people leave it at that - believing that they have put into place all the arrangements their family needs. But what if you are involved in an accident, or become victim of a disease, either of which could result not in your death but in the loss of your ability to continue managing your affairs? Your family can be left facing serious financial difficulties, at a time when they are least able to cope. All this can be avoided if you make a valid Enduring Power of Attorney (EPA) while you are still in good health and of sound mind. Nowadays, an EPA can be as vital as a Will.

What are the formalities?

1. An EPA is usually simple and inexpensive to prepare and operate, but it must be in the prescribed form
2. You have complete freedom in your choice of attorney(s), though they must be aged over 18 and neither bankrupt nor mentally incapable
3. You can give a general power, empowering your attorney to do virtually everything you can do, or you can limit the power in any way you choose
4. An EPA must be signed when you are in good health and still mentally capable, and it should include a restriction that 'This Power shall not become effective until I have become incapable of looking after my affairs, as certified by my GP.'
5. An EPA does not give your Attorney power to make medical decisions, or to make a Will, on your behalf
6. You may cancel or revoke an EPA at any time while you are still mentally capable

What should you do now?

Contact us urgently to discuss your own family situation and for details of solicitors who can explain the full implications for all members of your family. If you need it, solicitors would also be able to provide advice and assistance with family wills.