Enduring Powers of Attorney
Enduring Powers of Attorney (EPA )
Typically prepared at the same time as a will, an EPA helps safeguard against unforeseen circumstances by allowing an individual or organisation, referred to as an ‘attorney’, to act on your behalf, if necessary.
Such instances could be:
- If you’re overseas and need someone to buy or sell assets or investment funds on your behalf
- If you have a debilitating illness or injury which prevents you from being able to act for yourself, for example, being in a coma or becoming mentally incapable of
making decisions and managing your affairs (e.g. Alzheimer’s) Without an EPA in place, it falls to your family to go through the courts to apply for an order to appoint a property manager. As the courts are reluctant to act swiftly in these matters, the process is long,arduous and expensive and may be detrimental to your health and assets in the interim.
There are two types of EPAs:
- Personal Care and Welfare – the nominated person (‘attorney’), usually a close friend or family member as attorney, is responsible or making important decisions with regards to your care and well-being in the event that you become too ill to take care of yourself. These decisions may be in the form of medical decisions, accommodation arrangements, and other personal needs.
- Property – your appointed ‘attorney’ manages your financial affairs to ensure that your property is taken care of, your bills are paid and investments are managed. For this reason, it’s imperative that you have complete faith and confidence that your appointment is knowledgeable enough to act in your interests and in accordance with your wishes, without bias.
Unlike a Power of Attorney, an EPA goes beyond basic delegation of authority to ensure that the detailed instructions set out in your plan are properly followed by the person or company you appoint.