It costs money to set up an EPA because you need to pay for a lawyer or qualified legal executive to witness it. Working out what you want before meeting with a lawyer can mean the meeting is shorter and therefore cheaper.
You can keep the costs down by making sure you’ve already:
- talked to the person you want as an attorney and got their agreement
- agreed on how your money and property will be managed
- decided whether your attorney must consult with anyone over decisions, and who those people are
- put together a list of all your assets (house, car, jewellery, investments, furniture, land), including money and any debts
- decided whether your attorney would look after all your property or only specific things, for example just your bank accounts and investments
- worked out any special conditions you want your attorney to follow — such as birthday presents for grandchildren or on-going donations to charities
- decided who would replace your attorney if they died, became bankrupt or mentally incapable
- decided when you want your EPA to start.
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