Advisers should act quickly to protect family clients before the rules on enduring power of attorney change from October 15, warns Shropshire IFA Pi Financial Dixon Sutcliffe & Co.
The company says the new rules will make the process far more complicated and expensive.
Enduring power of attorney will be replaced by two types of lasting power of attorney, one covering property and financial matters and the other covering the donor’s welfare.
Chief executive Tim Sutcliffe says: “It will no longer be possible to establish enduring powers of attorney although existing ones will remain in force. The two new types of lasting powers of attorney will cover property and financial affairs and the donor’s welfare.
“The formalities are more complicated and the costs will be higher, so our advice is to consider arranging an enduring power of attorney before these changes come into force.”