EPA - Restriction

Trusts Discussion
1

I have EPAs made by husband and wife by which they appoint each other, and their two children, on a joint and several basis.

However, in the section headed ‘subject to the following restrictions and conditions’ it states:
“All attorneys are to act jointly in respect of any assets in excess of £5,000.”

Do members believe that this will present a problem in using the document? It appears to me to be vague (assets over £5,000? So what about an account with £10,000 in, can that not be operated?), it also seems to infer that all three attorneys must act jointly - so if one of them dies, might that present a problem?

Any thoughts appreciated (although I should add that these EPAs were drafted by a former colleague who has since left the practice!)

Damian Lines
Rubin Lewis O’Brien

2

Has either EPA been registered?

I recall that similar provisions have been struck out on registration of LPAs.

I suspect this would be covered in the staple texts, such as “Cretney & Lush on Last and Enduring Powers of Attorney”

Paul Saunders

3

I am pretty sure this would lead to a severance. There have been a number of past posts on this. For example all joint and several Attorneys to sign cheques over a given value.

C Coles, Waughs