Families with older relatives should act fast to establish an enduring power of attorney before changes to the rules complicate the process, warns pi financial dixon sutcliffe & Co.
The IFA says as the changes, effective in mid-October, will see enduring power of attorneys replaced by two types of lasting power of attorneys – one to cover property and financial matters and the other for the donor’s welfare.
pi financial dixon sutcliffe & Co. chief executive Tim Sutcliffe says it is extremely important for older people to set up an enduring power of attorney who can look after their finances in a situation where they are unable to do it themselves.
Sutcliffe says: “From October 15 the EPA will be replaced by two types of lasting power of attorney and it will no longer be possible to establish EPAs, although existing ones will remain in force. The two new types of LPAs will cover property and financial affairs under one agreement and the donor’s welfare under a separate LPA.
“The formalities are more complicated and the costs will therefore be higher, so our advice is to consider arranging an enduring power of attorney before these changes come into force.”