An EPA becmes important when your relative is no longer mentally capable of handling or managing their financial affairs. If they have signed an EPA while of sound mind, their nominated attorney/s can then take over the running of their finances by accessing bank accounts, even selling their house, once the EPA has been registered with the Court of Protection. At all times, of course, the attorney has to act in the best interests of the relative. If an EPA has not been signed, once the person becomes mentally incapable, the only way their finances can be managed, unless they have joint accounts with someone else, is by applying to the special court of guardianship, a very time consuming process. This can be a big issue if , for example, you need to access money quickly to pay bills, or need to sell the relative's house. There is plenty if useful info on AS fact sheets, also at Court of Protection website. There are major changes to the EPA situation in, I think, October, so you really need to get up to date information about the new process.
Definitely worth getting this done as soon as possible, if the person understands what is involved and is happy to go ahead. I would not delay as this illness sometimes progresses very quickly and then it can be too late.
Blue sea