The average life expectancy in Ireland today is 80.9 years. Fifty years ago, average life expectancy was over ten years less than that, at 70.6 years.
Planning for our golden years has never been so important. We need to plan what will happen to our property when we are no longer here and we also need to plan for our welfare in our final years.
As a nation, we may be living longer but will we always be in a position to make sound decisions in relation to our health, welfare and property?
There may come a time where we can no longer make vital decisions about our future finances and our health and that is why we need to consider Enduring Power of Attorney (EPA).
Enduring Power of Attorney is one way to plan ahead. It allows you to choose to give someone you trust, the power to act on your behalf in situations which you have identified. That person becomes your ‘attorney’.
EPA can take two formats - one for your property and financial affairs; and one for your health and welfare. You can choose to have both types, or just one. You can have the same attorney for both, or you can appoint different attorneys.
The first type of EPA covers decisions about money and property. If there comes a time when you can no longer manage your finances, the attorney will do this for you. This could include paying bills, managing bank accounts or selling your house.
An EPA for your health and welfare allows the attorney to make decisions on your behalf about your future day-to-day care if you are no longer able to care for yourself.
You decide what powers the attorney can have.
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