Enduring Power of Attorney

A discussion forum for the elderly, their carers and advisers
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gardenlaw
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Enduring Power of Attorney

Post by gardenlaw » Thu Oct 20, 2005 8:57 pm

Most of us feel we will always be of sound mind and able to look after our own financial affairs. Sadly that is not always the case. If people think about making an EPA at all it is only as they are getting into their 70s and 80s. It may be too late by then. You can only make an EPA if you understand what it does. With us all having much more complex affairs you could justify having an EPA from turning 18.

However, their are downsides to consider. You are giving your attorney the right to deal with your finances as if they were their own. A big responsibility and possible temptation.

To find out more visit
http://www.guardianship.gov.uk/about/aboutthepgo.htm

jencast
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EPA

Post by jencast » Thu Oct 20, 2005 11:21 pm

An EPA doesn't have to be given to a solicitor, it can be given to a trusted friend, or family member. My father drew up an EPA to try and protect my wife and I financially should he become incapacitated while visiting us overseas. When he became ill in the UK, the EPA (drawn in an English court) was a strong enough instrument for us to conduct his affairs and decide on the appropriate healthcare that he needed. This was a difficult decision for us, because Dad was very independent and lived alone. Unfortunately, he was making decisions that put himself in harms way. We are in our forties, and have drawn up living wills, EPAs and a Healtcare Directive so our children would not be in disagreement over how we wish to live the rest of our lives and what we valued for them. We took us about 6 weeks of research and discussions before we got these items in order. Hope this helps someone.

Mandy
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EPAs given to who though?

Post by Mandy » Mon Mar 26, 2007 5:21 pm

I am an accountant and have been asked to help a couple with their financial affairs.
They are quite capable of doing everything themselves at present - but they are 88 and he is undergoing medical tests at present. She has a condition which means she is losing her memory so is still capable of making decisions, but not keeping an eye on her affairs. She is expected to deterioate a lot more as her sister already has.
He is now worried that if anything happens to him, she may not be able to cope long term so they have appointed me to basically ensure their affairs are in order if he is unable to do so.
They have EPAs on each other but the problem comes when he is no longer here (assuming he dies first - if not there will probably never be a problem). They have no relatives other than this sister and so I have had to ask them to consider what they would like to happen if this worse-case scenario happens. I know they both desperately want to stay in their own home whatever happens.
Whilst EPAs are great things, the problem comes for the last survivor. Anyone got any suggestions as to what they should or could do?

jencast
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Enduring Power of Atty

Post by jencast » Mon Mar 26, 2007 8:50 pm

Perhaps they could consider a trusted friend, a minister along with a solicitor specializing in elderly law. Regardless, there needs to be a primary along with some one else to spot check the administration. The reason I suggest a solicitor specializing in elderly law, is that they can serve as an advisor in the laws pertaining to the administration but it will cost the estate solicitor fees. EPA's/LPA's have recently changed in the courts, and careful thought and discussion with a knowledgeable professional would be highly recommended. Good luck.

gardenlaw
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Post by gardenlaw » Tue Mar 27, 2007 8:24 am

You are quite right to highlight the potential problem when couples only appoint each other as attorney. Lasting Powers of Attorney do not come in until September/October 2007. An existing EPA will continue in force after this date.

Attor5neys have equal standing and powers in an EPA. Remember attorneys are individuals. You cannot appoint eg the partners in a firm of accountants. So age is a factor. Having said that a specialist solicitor would be well worth considering in this case even though they can charge.

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