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!)
Rubin Lewis O’Brien