Enduring & Lasting Powers of Attorney

A Power of Attorney is a document by which you authorise another to act for you. You may need it if you become ill or incapacitated or you simply happen to be in the wrong geographical location when something needs to be signed by you.

The choice of the attorney is obviously extremely important as it has to be someone you can trust implicitly and who is able to take on duties which can be considerable and can last for an indefinite length of time. Killik & Co Trustees Ltd specialises in both acting as attorney and drafting all necessary paperwork.

The commonest – and most effective – form of Power of Attorney has been the Enduring Power of Attorney (EPA).

However, on 1 October 2007, a major change to the law covering Powers of Attorney came into effect. Under the new regulations, the donor can make (either or both) of two separate Lasting Powers of Attorney (LPAs), as follows:

• One to deal with ‘property and affairs’; this broadly mirrors the existing EPA
• The other to cover ‘personal welfare’. This empowers the attorney to make decisions on personal matters such as health issues, accommodation and dietary needs.

EPAs already in place will remain valid and subject to the ‘old’ rules. The paperwork involved in setting up an LPA can be quite complex and we recommend that you talk to your Broker, if you are considering this course, at the earliest opportunity.