Enduring Powers of Attorney (EPAs) are essential to protect your future plans. Without them, even well-prepared couples may face costly setbacks and emotional strain if one partner loses capacity.
Planning For Retirement Living.
Robert and Ruth were approaching seventy and led a comfortable life.
They were financially secure and had no mortgage against their existing home. Ruth’s memory had been deteriorating. They had considered moving into a retirement village to provide them with the comfort of having specialist dementia support at their fingertips. They found a retirement village that was perfect for their needs and had rest home facilities if required down the track.
Considering A Move To A Village.
As a couple they had a number of friends who had moved into retirement villages and enjoyed the lifestyle. At dinner with friends, they discovered that serviced apartments in a new retirement village in their neighbourhood (not yet built) were selling off the plans quickly. The Sales Manager at the village had given them a hefty pile of documents for signing and told them to obtain legal advice. They knew they had to see their lawyer before they could sign these documents.
Ruth was keen to move as soon as possible but they first had to sell their existing home. Robert was concerned that purchasing an apartment in a retirement village was not a good investment. He has heard that there would be no capital gains. These worries were causing them both to lose a great deal of sleep.
Memory Loss And Rising Concerns.
In the meantime, Ruth was increasingly becoming disoriented and her doctor was concerned that she was losing capacity. Ruth’s doctor suggested she see a lawyer to have Enduring Powers of Attorney prepared. Ruth forgot to tell Robert of this. Her memory continued to decline – until she couldn’t think for herself.
Dreams Derailed Without Proper Planning.
Robert and Ruth were unable to sell their property. They could no longer move to an apartment in a village as Ruth had lost the capacity to sign the necessary documents. If only Robert and Ruth had seen a solicitor about their move to the village earlier. They would have been able to realise their dreams! Ruth is now in care and rather than living in the same village, Robert is travelling great distances to visit her daily.
If you feel you could use some specialist advice, don’t hesitate to contact the Trusts & Wealth Protection Team.