Every farmer should consider creating an EPA
Dementia describes a range of conditions which cause damage to our brain. This damage affects memory, thinking, language and our ability to perform everyday tasks.
Alzheimer’s disease is the most common cause of dementia. It can be an immensely stressful time when a family member is diagnosed with dementia or Alzheimer’s.
There is a great responsibility for family members to take care of their relatives, and unfortunately, important financial and legal decisions will need to be made on their behalf.
If a person becomes mentally incapacitated, all of their assets and property cannot be used or accessed by anyone else unless they are jointly owned and will make the everyday routine of paying bills, running a farm and making basic financial decisions very difficult.
If a farmer is proven to be of unsound mind, he or she can be made a Ward of Court, where a judge has the power to make decisions on the farmer’s behalf.
This application is made to court and needs to be supported by medical evidence. This is a complicated and costly application.
The preferred alternative to deal with such a situation is to make sure that you have an Enduring Power of Attorney (EPA) in place.
An EPA allows you to give someone you chose power to make decisions on your behalf about your financial affairs and welfare, should you lose the mental capacity to do so.
An EPA is a legal document which only takes effect in the event that the person becomes mentally incapacitated.
The person creating the EPA is known as the Donor, and in the event of him or her becoming mentally incapacitated, the power to deal with the Donor’s money and assets transfer to the Attorney.
An EPA is similar to a will or a trust, in that it enables the farmer to appoint someone of their choice to control their affairs, should they become mentally incapacitated.
If you wish to create an EPA, you must be of sound mind and have mental capacity. It is not possible to create an EPA after you are deemed to lack mental capacity.
Your Attorney is your own choice, and it can be a person such as your spouse, partner, parent, sibling or friend.
Whilst it is a personal choice, it is important you give this due consideration and choose a suitable person who you believe will be capable of managing all your affairs.
By executing an EPA, you retain control over who has the responsibility of looking after your affairs.
This will ultimately leave you with piece of mind that your affairs are being looked after.
The crucial thing is to set up an EPA while you are still mentally capable of doing so, well before you need it.
It is better to plan ahead and appoint an EPA and not take the risk that your affairs shall not be under the control of somebody you trust.
It is advisable that every farmer should enquire about creating an EPA with their solicitor, if they have not already done so.
It is a relatively simple process, but it does require the services of both a doctor and a solicitor.
If you change your mind, an EPA can be revoked at any time unless the farmer becomes mentally incapacitated.
- info@walshandpartners.ie
- www.walshandpartners.ie
