Money
Retirement
Enduring Power of Attorney - a chance to beat the deadline
With fewer than three months to go before Enduring Power of Attorney (EPA) rules change, Saga Will-Writing Service is urging people to consider having an EPA drafted before costs dramatically increase
From October 1, EPAs will be known as Lasting Power of Attorney (LPA). However, any drawn up before this date will remain valid.
The main difference between the two is that an LPA must be registered with the Office of the Public Guardian as soon as it is entered into, whereas EPAs need only be registered if you become mentally incapable of acting for yourself.
This requirement of immediate registration is predicted to make it much more complex and costly to obtain, with some commentators suggesting they could cost up to £600.
Saga Will-Writing Service believes that the new rules may well reduce the number of people obtaining this valuable financial protection and is therefore offering consumers who apply for an EPA before September 15 a reduced price of just £32.50 (normally £65) for a single EPA or £58 (normally £116) for a joint EPA.
Andrew Goodsell, Chief Executive of Saga Group Ltd, said: "The increased cost and red tape may deter many people from having a Lasting Power of Attorney drafted, which risks undermining the reasons behind their introduction.
"In the vast majority of cases an Enduring Power of Attorney will give consumers the level of protection they require, but time to have one drafted is fast running out."
Saga stresses that people need continually to assess their circumstances to ensure anything put in place continues to meet their needs. However, if people only want their financial affairs looked after, then EPAs are suitable for their needs.
* For more information on the Saga Will-Writing Service please call 0808 101 5005.
