Life is somewhat unpredictable, and you never really know what to expect. You may have a serious accident or suffer a serious illness, or have to travel overseas at short notice or just want someone else to look after your affairs as you get older. An Enduring Power of Attorney (or EPA) can ensure that someone you trust will be able to look after your affairs for you.
What is an EPA?
Unlike a Will, an EPA operates whilst you are alive. It is a legal document appointing someone to act as your Attorney on your behalf if you cannot or do not wish to do so.
There are two types of EPAs. One for Property and the other for Personal Care and Welfare.
An EPA for Property allows you to appoint someone to manage your financial affairs. Where as a Personal Care and Welfare EPA allows you to appoint someone to make decisions about your personal health and well-being in the event that you are unable to make the decisions for yourself.
Setting up an EPA will give you peace of mind that your assets and personal welfare will be managed by someone you trust if you become unable to do so. Everyone over the age of 18 should have an EPA in place.
How does an EPA work?
After appointing someone as your Attorney, they are able to make important decisions on your behalf including signing documents.
If you do not have an EPA in place and an important decision must be made or likewise documents signed, a member of your family or a friend must apply to the Family Court under the Protection of Personal Property Rights Act 1988 to be able to legally manage your affairs. This is an incredibly costly and timely process which may result in the Court appointing someone that you would not normally choose.
This is why it is paramount that you have an Attorney put in place prior to needing it. This will allow you and your loved ones surety.
Many people often prepare or review their Power of Attorneys when they are completing or reviewing their Wills.
Get in contact with us today to discuss appointing Powers of Attorney for yourself or your loved ones. Alternatively, you can use our online Enduring Power of Attorney form and complete it from the comfort of your own home.