Enduring powers of attorney (EPA) are for everyone.
It’s common to think that only the elderly need to put enduring powers of attorney in place, but the reality is everyone should have them.
Preparing enduring powers of attorney means you get to choose who makes decisions on your behalf if you are no longer able to make them for yourself and it gives you the opportunity to provide guidance on what your chosen attorney can and can’t do for you.
You can also appoint backup attorneys to ensure that, if your original attorney passes away or is unable to act, you have another trusted person to manage your affairs
What happens if you don’t have an enduring power of attorney?
If you lose mental capacity and don’t have enduring powers of attorney your family will need to make an application through the Family Court to be appointed welfare guardian and/or property manager. This will be time-consuming and expensive at what is likely to already be a very stressful time. Without an Enduring Power of Attorney, your family may struggle to organise simple things like paying your medical bills or arranging care for you.
A property EPA can come into effect while you still have mental capacity. It can be useful to enable someone to manage your property if you are physically incapacitated, going overseas for an extended period or if you travel a lot.
Preparing enduring powers of attorney can be quite a daunting process. Giving another person the power to make decisions for you requires careful consideration. We can help you decide who the best person might be for each of the two different types of enduring power of attorney. We can also explain the benefits and disadvantages of giving very general power. Perhaps you might need to consider restricting the ways in which your attorney(s) can act?
What should you do?
The first step is to get in touch with us so we can help you through the process. Drop me an email or give us a call. Also, talk with parents and relatives you may need to assist in the future. It may be prudent to check if they have enduring powers of attorney in place.
– Powers of attorney are a bit like insurance, it’s better to have them and not need them; than need them and not have them. –