I have a friend who has had an accident at work and is now unable to manage his affairs... No one can get into his assetts because he didnt do this. He is unable to converse or instruct at all. It can happen to anyone. Think about it... you might develop a Mental illness or develop a long term illness or become incapacitated in some way... The Enduring Power of Attorney does not have to be done through the courts but best to do it through a Solicitor. Do it now because once you are ill it would have to go through the courts and that can take months. Which could mean bank charges and other charges as your bills go unpaid.
Just keep the document in a safe place at home and tell the appointed person where it is in case of an severe accident.
You can destroy this document at any time if its the Enduring one or with notice change your appointed person.
If you became ill or disabled without an Enduring Power of Attorney (EPA) and you were unable to manage your financial affairs, no one could act on your behalf unless they first went to court and were appointed your Receiver by the Court of Protection. Even your spouse and children would be powerless to act on your behalf.
Although the courts will appoint someone to act for you and to protect your interests, this is not always a desirable alternative for three reasons:
The delay. It can take several weeks or even months to have someone appointed who will have the authority to make legal, financial and business decisions on your behalf. With an EPA the person you appoint (called the 'Attorney') can act for you immediately. As a result, someone you trust will continue controlling your interests.
Selecting your Attorney. When someone is ill or disabled they lose the ability to select their Attorney and the court may or may not appoint the person you would prefer as Receiver.
The advantages of immediate and lasting delegation. From the date on which the EPA is signed by the Attorney, he or she has the authority to act on your behalf unless you have specifically excluded certain powers. This means that you can take advantage of being able to delegate responsibilities if, for example, the Attorney goes on holiday.
Law stated as at 1 April, 2005
It begins as soon as it's been signed, but you can restrict it by stating that it shouldn't begin until you're incapable of acting on your own behalf.
The cost is around £95 to £125 depending.
Using a Power of Attorney, you can grant someone the authority to act on your behalf and manage your financial interests. It really is a good idea to think about doing this.
I think everyone should do it because now adays a lot of people manage their affairs and finances online and they have passwords and user names that no-one else knows about. Which is what has happened to my friend who is computer literate but his family isnt!
In my family all my passwords and user names are kept on a disc in a secret hiding place should they ever need to gain access also l have written them out in my Will. Everyone should also have a Will, Whatever thier income... Save your loved one a lot of hassle and worry at a time when they are not thinking straight.