Enduring power of attorney change 'will affect 29 million Britons'

Significant changes to the enduring power of attorney (EPA) will affect 29 million Britons and cost them some £7 billion, according to research from More Than.

From October 1st, the cost of implementing the file will increase to approximately £350 from its present price of around £110 as EPA is replaced by documents called the lasting power of attorney, which are more complex.

Research by the financial services firm indicates that some only 14 per cent of consumers have an EPA in place while two-thirds of British adults have family members who would depend on them to manage fiscal affairs should they be unable to do so.

This leaves some 25 million people with no provision for the occurrence of such an incident.

Head of law at More Than Simon Logan commented: "An EPA allows you to give others the legal ability to manage your affairs if you ever become unable to manage them yourself or communicate your wishes."

He added that it was "astonishing" that the majority of consumers do not have one.

Paladin Financial Services recently stated that having an up-to-date will helps with the process of estate division upon death.