The importance of making a Will is widely known, but many people will not have considered who would manage their financial affairs if they suddenly became unable to do so as a result of either mental or physical incapacity.
Prior to 1 October 2007, we recommended that an individual concerned by this possibility sign an Enduring Power of Attorney (EPA), thereby ensuring that the person or persons they trusted most were empowered to deal with their financial affairs in these difficult circumstances. With effect from 1 October 2007, EPAs have been replaced by Lasting Powers of Attorney (LPAs), although it should be noted that EPAs made prior to 1 October 2007 continue to be valid and may still be registered.
The most obvious difference between EPAs and the new LPAs is that, under an LPA, an individual may (if they so choose) empower their attorney or attorneys to take decisions concerning their health and personal welfare (which includes medical treatment) as well as decisions concerning their financial affairs. As before, the alternative is a process of receivership supervised by the Court which can be complex, time-consuming and expensive.
In cases where an individual has lost capacity without having signed an EPA before 1 October 2007 or an LPA after 1 October 2007, we are able to help relatives through the receivership process.