Yacht Or Not, Consider An Enduring Power Of Attorney

Last month, there was a reported story of an abandoned yacht left in the harbour at Stroustad, Sweden. After some two years of searching, the Swedish police were able to trace the yacht's ownership to a wealthy Norwegian man who had "forgotten" where he had left his yacht.

It appears that this wealthy Norwegian had lost sufficient mental capacity through dementia or other disease of the mind to "remember" where he had put a valuable asset and had to have a guardian (what we call a "Receiver") appointed to protect him from himself and preserve his assets.

Since 1986, when the Power of Attorney Amendment Act was passed in Bermuda permitting enduring powers of attorney to be used, the need for Receivership Orders has greatly declined.