An enduring power of attorney (EPA) is a legal device that allows you to appoint someone (called an attorney), usually a family member, to look after your financial or personal affairs in the event that you no longer have the capacity to do so yourself.
People assume that you don’t need an EPA if you’re married or have children as they can make financial decisions on your behalf, which unfortunately is not the case. An EPA can be an essential planning tool in managing an individual’s financial affairs when they are unable to do so.
What Powers Can I Grant To The Person Appointed As The Attorney?
You can grant the attorney the power to make general or specific decisions regarding your property and financial affairs. Examples include the power to:
- Sell or gift your property
- Carry on a trade or profession on your behalf
- Pay your debts including taxes
- Apply for social welfare payments on your behalf
Do I Need Professional Advice To Put An EPA In Place?
Yes. In order to safeguard you in granting this power, you have to use the services of a solicitor and a doctor as there are many forms to be completed before it can come into effect.
Who Should Have An EPA In Place?
Anyone who has property or assets that need to be managed (even if held in joint names) as unfortunately lack of capacity can affect anyone at any age. It takes time and money to put it in place so contact your Solicitor for next steps.
What Has Changed?
EPA’s made after April 26th 2023 must now be registered with a statutory body called The Decision Support Service within 3 months of an EPA being made. Contact your Solicitor for next steps.
