What is an Enduring Power of Attorney (and do I need one)?

Creating an Enduring Power of Attorney (EPA) means that you can have someone you know and trust handle your affairs if you can no longer manage them while you are alive.

There are two types of EPA - an EPA in relation to property and an EPA in relation to your personal care and welfare.

The role and obligations of an attorney are defined in legislation, and these include:

• To always promote your best interests in any decision they make on your behalf;
• To encourage you to maintain or develop your own competence to manage your own affairs;
• To consult any other attorneys or persons named by you; and
• To always act in good faith and apply reasonable care.

Do I need EPAs?

You never know when you might need someone to make decisions on your behalf and there are many instances when you might lose capacity (either permanently or temporarily) that are not age-related. The simple act of creating EPAs can lessen the burden on your loved ones in what can be an already very difficult time.

EPA in relation to Property

Your property includes everything you own. You may elect to have one or more attorneys act on your behalf. If you appoint more than one person, you can specify whether they must act jointly or can act severally. You may appoint successor attorney(s) (“back ups”). You can limit what property your attorney can act on in and restrict their powers if you wish. You can also define whether your attorney can use your property for their own benefit or name others that your property is to be used for the benefit of, such as family members or your favourite charities.

You can choose whether this power is vested in your attorney (a) when you become mentally incapable or (b) immediately upon signing the EPA document.

EPA in relation to Personal Care and Welfare

Your attorney may only act on your behalf if you are declared mentally incapable by a registered health practitioner. Under this document, you may only appoint one attorney at a time, and you can appoint successor if your first attorney is unwilling or unable to act. Again, you may limit or restrict your attorney's power to certain aspects of your health/welfare if you wish.

Revoking or Suspending an EPA

You can revoke or suspend your EPA as your circumstances change (provided you are of sound mind at that time). Call us immediately if you would like to do this and we will prepare the necessary notice.