Monday, 23 July 2007

ACT NOW - Enduring Power of Attorney vs Lasting Power of Attorney - Deadline FAST Approaching!

I thought that i would take the opportunity to "flag up" a deadline that is fast approaching.

An Enduring Power of Attorney (EPA) is a legal document which i think of an a sort of insurance policy. I say now, who i want to deal with my financial affairs if in the future i can't deal with them personally.

What is an EPA An Enduring Power of Attorney (EPA), is a legal document that enables someone (the donor) to appoint one or more persons (attorney(s)) to manage their financial affairs and property, either now or in the future - and crucially whether or not you are or are not mentally incapacitated.

If you do not have an EPA If you become ill or metally incapacitated and have no EPA, no-one can act on your behalf unless they first went to Court and are appointed "Receiver" for you - all a matter of a lot of time and a lot of expense.

Don't think your spouse and children can act for you without an EPA - in the case of mental incapacity and no EPA - they can't, not without court intervention.

From the 1st October Enduring Powers of Attorney (EPA) can no longer be made. Instead they will be replaced with a revised type of power called Lasting Power of Attorney (LPA). BUT EPA's inplace at 1st October will be operative!

The LPA's will be more expensive and lengthier. At the moment an EPA may cost you around £110 + VAT for a single and £200 + VAT for a double. The cost of the LPA will depend on who prepares the LPA. Estimates from lawyers vary - the figures i've heard vary between £700 + VAT + £1500 + VAT.

Anne Elliott, Partner at Latimer Hinks explains why you should arrange a Power of Attorney asap. Click here

1 comment:

Leighanna said...

You write very well.