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An Enduring Power of Attorney (EPA) enables a family member, a trusted friend or a professional adviser to look after your financial affairs in the event of a deterioration in your health, either physical or mental. Also, it avoids the necessity for the Court of Protection to become involved, which is both laborious and expensive. Following enactment of the Mental Capacity Act 2005, EPAs are to be replaced with “Lasting Powers of Attorney”, probably with effect from April 2007. Existing EPAs, completed prior to the implementation date, will continue to valid, but following the implementation date only the new style Lasting Powers of Attorney will be available. As always seems to be the case with legislation, the new is much more complicated than the old! Consequently, it appears that it will be cheaper to have an EPA drawn up now than it will be to have a Lasting Power of Attorney drawn up in the future. So, whilst it is to be hoped that you will never be so incapacitated as to need a Power of Attorney, it is always better to have one and not need it, than need one and not have it. Consequently, it is recommended that everyone should have an EPA drawn up sooner rather than later. It is also recommended that existing EPAs should be professionally reviewed to ensure they continue to be suitable.
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