When future planning the focus is often on the preparation of a will. The potential that one may lose capacity during their lifetime can be overlooked. Loss of mental capacity can sadly and suddenly happen at any age; the Department of Health has indicated that most people in Northern Ireland will at some point in their life either lack mental capacity or encounter persons who lack capacity.
Thankfully, it is possible to nominate Attorneys who can manage your property and financial affairs should mental incapacity arise. An Enduring Power of Attorney (EPA) allows a person (the Donor) to give another person (their Attorney) authority to act on their behalf in respect of their financial affairs whilst they are still alive but lack capacity.
Anyone over the age of 18 with mental capacity can create an EPA. However, if the person no longer has capacity unfortunately it is too late to create an EPA. This is why is it so important when future planning to consider an EPA.
An EPA can ease financial stresses for your family at a time of emotional strain. Creating an EPA is inexpensive, yet it can save your family significant future fees, difficulties and delays.
Advance planning in legal, financial and personal matters will protect your finances and your independence. Ensuring your affairs are in good order will give you peace of mind and the contentment of knowing that you have taken every action to best protect your interests and that of your family.
For further information regarding any of the above or for a free, no obligation discussion please contact us by email on ccummings@donnellykinder.com or call our office on 02890 244 999.