Individuals in the UK have been advised to gain an understanding of the protocol known as enduring powers of attorney (EPA).
Under EPA - which is simply a legal document enshrining someone's right to appoint someone else to manage their financial affairs - certain key rights can be handed over.
The EPA is an important act because it enables someone else to exercise control over a host of powers and to act independently.
This is one of the issues that the British government has sought to explain to the wider community, urging potential donors to consider the rules governing EPA.
It advises firms and individuals using the power to appoint two attorneys or more, providing checks and balances against one potentially duplicitous attorney.
In addition it is recommended that a solicitor or accountant reviews the plans before they are set in motion.
The government has published an EPA document in a bid to help better explain the nuances and necessary precautions regarding the issue. |