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Power of attorney.

  • 25-04-2016 8:07pm
    #1
    mickmac76
    Registered Users, Registered Users 2 Posts: 400 ✭✭


    Hi

    I was diagnosed with a neurological condition last year which will gradually lead to physical disability but I will remain mentally sound and should have a life expectancy of around 10 years. I'm going to get a will done next week and I'm considering having my sisters set up as enduring powers of attorney to look after my financial affairs when I can no longer manage. Just wondering if this is appropriate for someone with a physical disability as opposed to a mental disability or is there something else I should consider. Will be discussing it with the solicitor next week but I'd like to go in with an idea of what may be appropriate.

    Mick.


Comments

  • #2
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac


    mickmac76 wrote: »
    Hi

    I was diagnosed with a neurological condition last year which will gradually lead to physical disability but I will remain mentally sound and should have a life expectancy of around 10 years. I'm going to get a will done next week and I'm considering having my sisters set up as enduring powers of attorney to look after my financial affairs when I can no longer manage. Just wondering if this is appropriate for someone with a physical disability as opposed to a mental disability or is there something else I should consider. Will be discussing it with the solicitor next week but I'd like to go in with an idea of what may be appropriate.

    Mick.

    Sorry about your diagnosis. Wish you all the best.

    The neurological consultant would be the best adviser, but in any case an EPA is always a good idea. None of us have a lease, as we say in the West.


  • #3
    eggerb
    Registered Users, Registered Users 2 Posts: 379 ✭✭eggerb


    Hi Mick,

    I'm also sorry to hear of your diagnosis. Huge advances are made in medicine every year so hopefully you'll be with us a bit longer that the prognosis.

    The relevant legislation around Enduring Power of Attorneys (EPAs) are set out at the top of this page. All references seem to be to mental capacity, so your question is a very valid one for the solicitor when you meet him/her. Other than an EPA, it may be possible to put a power in attorney in place to do certain things e.g. sell your house, etc..

    Your illness aside, the solicitor will probably start by trying to get an understanding of the extent of your assets. If it the extent of your assets is some bank accounts etc, putting them in joint names with your sister may be an easier approach. This document is a guidance document for solicitors in relation to joint accounts. It might give you an insight to terminology etc before you meet him/her.

    The thinkahead.ie website might be worth having a look through in advance and might give you some food for thought.

    Absolute best wishes for the years ahead.


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