What is an Enduring Power of Attorney and why would I need it in Ireland?
One in three of us will develop some form of dementia after the age of 65 and that means that our capacity to make decisions about our lives and our finances will diminish. Most of us should create an Enduring Power of Attorney (EPA) before it is too late. An EPA appoints somebody whom you trust to make the decisions which you cannot make for yourself because of mental incapacity. These decisions can be about your money, your property or your personal care. If you do not have an EPA in place and you have left it too late to do so, the only way to safeguarded your person and your property is Wardship. When that happens, control of your property passes to the Court instead of to the family members or friends of your choosing. Wardship is also expensive and costs many times more than an EPA.
If there is nobody whom you trust enough to appoint as your Attorney or nobody who will take on the role then Wardship may still be the best option for you. However, most of us prefer some control over who will make our decisions if we cannot make them for ourselves. I have come across people who believed that placing all of their property in joint names was a third way out of this dilemma, but this can go badly wrong if and when the joint owner dies or him/herself becomes mentally incapacitated.
So why take a chance?
If you would like to know more about creating an EPA you can email email@example.com, click the call button, phone 014545138 or use the Contact Form.