Power of Attorney 

(Scottish equivalents also available - call)

ENDURING POWERS OF ATTORNEY (EPA)

People tend to think that someone else will look after their financial and other matters if they become unable to manage through accident or illness. In point of fact, even a spouse cannot sort out everything, and it may become necessary to ask the Public Trustee to be appointed by the Court to manage matters, for which they will charge around £800 initially, then £400 + a year for simple case - plus solicitors fees. The same applies to most businesses. An EPA is VERY cheap insurance, against something which could costs thousands of pounds a year if not planned for.

Clearly it is much better (and cheaper!) to appoint your partner, parents, spouse, co-director, children or a friend as Attorney just in case. Perhaps 1 in 5 will need an EPA before retirement, and after retirement over half the population are likely to need one at some stage, whether through complete incapacity, or just because (whilst perfectly mentally capable) they just do not wish to cope with the stress of managing their affairs any longer.

NB It is no longer legal for joint owners of property to act as SOLE attorneys for each other. Existing such Enduring Powers of Attorney MUST be replaced if they have not been registered as they are invalid with regard to the jointly owned property.

RECOMMENDATION: everyone over 18 should have an EPA (enduring power of attorney)