Introducing the Lasting Powers of Attorney
Until this autumn, anyone concerned about losing their ability to manage their financial affairs, due to illness or other incapacity, could appoint a third party to do so under an Enduring Power of Attorney (EPA).
It was a sensible precaution to take, meaning that your family or friends would not need to make an application to the Court of Protection should you lose your mental capacity. Any EPA taken out before 1 October this year will continue to be valid.
From 1 October 2007 the EPA has been replaced by new legislation, the Lasting Power of Attorney (LPA) of which there are two types. Similar to an EPA the first type of LPA covers Property and Financial Affairs which, as long as it has been registered, can be used before mental capacity has been lost. The second type of LPA covers Personal Welfare. Your attorney can only use the latter once you have lost capacity. You can have one or both types of LPA.
The new form of LPA is more complicated than the former EPA. If you did not make provision for an EPA prior to 1 October, contact our private client team to discuss the new options available to you through a LPA.
Call Barbara Calcutt on 0117 9290451 or email bcalcutt@metcalfes.co.uk
This press release summarises the law on issues which we believe may be of interest to your business. It is not a comprehensive review of the subjects and accordingly is published without responsibility for loss occasioned to any person(s) acting or refraining from action as a result of information published