What is an Enduring Power of Attorney?
An Enduring Power of Attorney is a document that you create which enables you to choose a person (called an Attorney) to manage your property or affairs in the event of you being mentally incapable of doing so in the future. You may choose one Attorney or more than one. If you choose more than one Attorney, you can decide whether they are able to act jointly (that is they must all act together and cannot act separately) or jointly and severally (that is they can all act together but they can also act separately if they wish).
Why should I create an Enduring Power of Attorney?
The Enduring Power of Attorney is an important document which must be created while you have the mental capacity to do so. In the event that you were to lose mental capacity in the future, it would allow your Attorney to manage your property and affairs on your behalf. Quiet importantly, you can authorise the Attorney to take certain personal care decisions on your behalf. In the event that you do not have a valid Enduring Power of Attorney and were to lose mental capacity, this could cause huge emotional and financial distress to yourself and your loved ones and might result in lengthy and costly Wardship Applications to the Court. Creation of an Enduring Power of Attorney puts you in control and allows you to appoint a person you trust to look after your affairs should the need arise.
How do I create an Enduring Power of Attorney?
The procedure is quite straightforward. You meet with a solicitor who will explain the document in detail to you and answer any questions you may have. You then need to attend with your Attorneys for the purposes of signing the document. Your solicitor will look after all the relevant Notices and Statutory Declarations on your behalf. It is important that your GP will be in a position to also sign a medical certificate to say that you have the mental capacity to create the Enduring Power of Attorney now.
What do I do next?
You can contact reception on 01 451 5099 to speak with Emma Thunder, who is our conveyancing and probate solicitor. She will be able to answer most questions you have over the telephone and will be happy to arrange a suitable appointment. She will also be able to give you a detailed estimate of the cost involved. If the main purpose of creating the Enduring Power of Attorney is to protect your business interests then you may be able to classify this as a business expense.