Frank Bruno Case Highlights The Importance of an Enduring Power of Attorney
Now is the time to consider putting in place an Enduring Power of Attorney to safe guard our financial security – Deirdre Moss, Head of The Wills, Tax and Trusts Department at Swindon Solicitors, Lemon & Co explains……….
The recent, highly publicised, case of boxer Frank Bruno's mental instability should draw many more people's attention to the importance of putting in place an Enduring Power of Attorney as part of their future financial and welfare planning.
Normally associated with old age, mental illness can strike at any time rendering us incapable of handling our affairs - in fact, most cases occur not through the onset of old age but through the results of vehicle and other accidents and illnesses.
No Enduring Power of Attorney, (EPA), in place means that an application for a Receiver must be made to the Court of Protection, a section of The High Court, the function of which is to protect and manage the property and affairs of a person who by reason of mental disorder is incapable of managing their property and financial affairs. This is a time consuming and very expensive process ending up with no choice in the selection of the Receiver”.
By putting an EPA in place your affairs, should anything happen to you, can be dealt with by a person nominated by yourself with the associated peace of mind and trust that this brings
An EPA can be worded to ensure that it can only come into play when certain conditions apply, such as becoming mentally or physically incapable of managing your financial and day-to-day affairs, it can be cancelled or changed at any time before registration.
Despite the introduction of EPA in 1985, it is a rather disturbing fact that so few people are aware of its existence and of the safeguards that it offers their future financial security. Since 1985 the number of applications for appointment of a Receiver to the Court of Protection have remained fairly static, highlighting the fact that the majority of applications occur because of accidents rather than the often slow process of mental decline.
With the Government now considering to reform EPA's powers to deal with healthcare as well as financial concerns it is now more than ever important for people to consider putting an EPA in place - talking with a solicitor who specialises in this area is the first step.
This article gives a general overview only and cannot be relied upon in any particular case. It does not constitute legal advice. Specific legal advice must always be considered
For further information contact Deirdre Moss at Lemon & Co, Solicitors on 01793 527141 alternatively by email - deirdre.moss@lemon-co.co.uk
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Now is the time to consider putting in place an Enduring Power of Attorney to safe guard our financial security...</p>