If you are lucky enough to be in rude health, the idea of handing control of your financial affairs over to someone else when you are no longer capable may seem ridiculous.

However, with the Government set to introduce a new law in England and Wales on October 1, the whole process is set to become more complex - and up to £600 more expensive. So now is the time to sort of your enduring power of attorney (EPA) and let someone trustworthy sort out your financial mess when you are no longer able.

The Guardian’s Harvey Jones takes a look at the new legislation and offers some helpful advice on the whole process:

You don't have to wait until you are sick or old to think about preparing an EPA - young and healthy people often prepare them in case an accident or illness robs them of the ability to make everyday financial decisions. Anybody over 18 (16 in Scotland) can grant an EPA, provided they are mentally competent at the time.

This isn't a very nice subject to think about, but doing nothing could cause trouble later on. If somebody becomes incapacitated without signing an EPA you have a serious problem on your hands, says Owain Wright, head of care funding services at Saga.

"You have to join the long list of people queuing at the court of protection to be appointed as a 'receiver', able to take charge of that person's affairs. I know two people who went through this recently. It cost the first £900 and the second more than £1,800."

By signing an EPA in advance you can sidestep this ordeal, and thankfully drawing up an EPA is relatively straightforward.

"Many people do it when writing their will with a solicitor. Some solicitors only charge for the cost of the will and throw in the EPA for free," says Wright. You shouldn't have to pay much more than £100. Until August 31, Saga is offering half-price EPAs, cutting the cost of a single EPA to £32.50, and a joint one to £58.

An EPA will be known as an LPA - Lasting Power of Attorney.

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