Lasting Powers Of Attorney - An End To Enduring Powers Of Attorney

Whilst most people know that they should make a Will, fewer people are aware that they need to consider what might happen if they are no longer able to manage their affairs (whether this be due to a long period of absence abroad or to physical or mental incapacity). At the moment you can appoint someone to deal with your finances for you by way of an Enduring Power of Attorney (EPA). This is to be replaced by Lasting Powers of Attorney (LPA) on 1st October 2007 although EPAs created before that date will remain effective.

There will be two aspects to LPAs - finance and property (similar to the present EPAs) and health and personal welfare issues. If finances are your priority, the sooner you set up your EPA the better - the new rules are complicated and could give rise to problems until any discrepancies have been resolved so an EPA will be cheaper than an LPA and will involve far less bureaucracy. If, however, you would prefer a document that extends to medical and healthcare decisions, you may prefer to wait until October and make an LPA. Alternatively you could make an EPA now to deal with your property and finances and, subsequently, an LPA limited to dealing with your...