ENDURING POWER OF ATTORNEY (EPA)

This is a very valuable document enabling you (the Donor) to appoint those closest to you (the Attorney(s)) to deal with your financial and property affairs if you lose mental capacity through illness or accident. It can be drawn up, at any age, when you have mental capacity and most people now decide to do this when they make or review their Will.

It can be effective immediately or restricted to be used only if you lose mental capacity.

If you don’t have an EPA, the Public Guardianship Office (part of the Court of Protection) may have to appoint a Receiver to handle your affairs. This can be a costly and lengthy process and cause your family needless uncertainty.

LONG TERM CARE PLANNING

Statistically we are living longer and as a consequence more people are requiring Nursing Care in later life – particularly if left alone after the death of their spouse/partner.

Very often the family home has to be sold to pay for such care – thus disinheriting your children. However, with proper planning, half the value of your house can pass to your children and avoid being assessed by the Local Authority should you need to go into care.

By severing the joint tenancy of your property, becoming tenants-in-common and writing your Wills accordingly, you can protect at least half your home for your children.

Average annual care home costs are now £30,000 and this can substantially decrease your children’s inheritance if appropriate advice is not taken.