Individuals should consider their ability to manage their affairs. Tasks such as paying bills, managing bank accounts, or repairing or selling property are relatively straight-forward things to do, even if cumbersome at times. But what would happen if you lost the ability to take care of these things?

Individuals that end up experiencing the onset of dementia, suffering from a sudden head injury or stroke, or debilitating health issues will often face difficulties in handling their own affairs. They may no longer have the ability to make decisions that would ultimately impact their life, or they may struggle to communicate such decisions to other people.

More pressingly, the law does not enable other people to ‘step into the shoes’ of the individual once this happens, regardless of what their relationship with each other is. That is to say, for example, that even if you are married to the individual who is somehow incapacitated, it is not a simple act to be able to manage their affairs. This can create havoc in multiple ways for the individual who has lost capacity, including not being able to pay for housing or caring costs, being locked out of their own bank accounts or not receiving medical assistance that requires consent.

As a form of protection against situations like this, it is worth considering making a Power of Attorney. Such a legal document is particularly important in the Isle of Man given that the island has the sixth oldest population in the world with an estimated 22.5% of the age distribution in the ‘Over 65’ year old category. A Power of Attorney would safeguard an ageing population including elderly parents and it is quite distinct from a Lasting Power of Attorney in the UK, the Isle of Man currently (note that this is due to change) utilises an Enduring Power of Attorney to similar effect.

These Enduring Powers of Attorney created on the Isle of Man will remain valid when the Isle of Man moves towards a system similar to the UK’s Lasting Power of Attorney but in the meantime, time is of the essence if you are considering an Enduring Power of Attorney which is a straightforward document appointing an attorney to manage your affairs. They can be restricted as necessary and tailored to your specific circumstances and wishes.

If you wish to obtain advice in respect of the above, please contact one of M&P Legal's private client team, Patrick Swanney or Amelia Quinn on 01624 695800 or email pas@mplegal.im or ajq@mplegal.im.

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