What is an Enduring Power of Attorney (“EPA”)
An enduring power of attorney is a legal document that allows a person nominated by you to do things on your behalf. You can appoint your attorney to act for you for:
Your attorney can only act for personal matters when you lose capacity to do so yourself. For financial matters you can specify when your attorney’s power is to commence.
Making an enduring power of attorney is a simple process. The process generally involves:
There are 2 types of power of attorney:
An enduring power of attorney is effective even after you lose capacity.
A general power of attorney is limited to financial matters, is often for a limited period of time or an event and ceases to be of effect upon you losing capacity.
A general power of attorney is often used in a commercial setting whereas an enduring power of attorney is often used as part of estate planning.
You can revoke your enduring power of attorney at any time as long as you have capacity to do so.
An enduring power of attorney is often made as part of estate planning together with a will.
It is particularly useful in situations where you hold assets in your sole name and no one else can access those assets to look after you in the event you lose capacity.
The importance of an enduring power of attorney is that we never know what is around the corner. If one day it is considered that you are not in a position to understand, have fallen ill or are no longer capable, a person appointed by you will be able to make decisions for you regarding your financial affairs and/or personal/health matters.
An enduring power of attorney is very important as it allows your attorney to look after you while you are unable to look after yourself.
If you would like to make an enduring power of attorney or need advice about an enduring power of attorney, please contact us.