Enduring Power of Attorney

 

 

Enduring Power of Attorney: Securing Your Financial and Legal Affairs

Enduring Power of Attorney (EPA) is a crucial document that grants someone the authority to act on your behalf in legal and financial matters. This arrangement allows the appointed individual, known as the attorney, to perform a variety of tasks, such as signing cheques, managing bank accounts, buying or selling property, and entering into legal agreements. However, there are certain limitations to a EPA, including the inability to delegate responsibilities as a Director, Trustee, or Executor, except in specific circumstances like superannuation fund. It is important to note that an Enduring Power of Attorney is limited to managing financial and property matters and cannot make decisions regarding lifestyle, accommodation, or medical care. To address these aspects, an Enduring Guardian is required, as they are designated to make lifestyle and medical decisions on behalf of someone else.

What is an Enduring Power of Attorney?

An Enduring Power of Attorney is a special type of POA designed to remain effective even if you lose mental capacity. This means that if you experience a condition such as dementia or memory loss, your attorney will still be able to manage your legal and financial affairs. This continuity ensures that your affairs are handled according to your wishes, even when you are not able to make decisions yourself.

Key Benefits of an Enduring Power of Attorney:

  1. Ongoing Management: An Enduring Power of Attorney provides a safety net for managing your financial and legal matters if you become unable to do so yourself. This ensures that your affairs continue to be handled according to your preferences, regardless of your mental state.

  2. Peace of Mind: Knowing that you have appointed a trusted individual to oversee your affairs in case of incapacity brings peace of mind. It prevents potential disruptions and ensures that your financial and legal matters are taken care of without unnecessary complications.

  3. Flexibility and Control: This type of POA allows for flexible management of your assets and affairs, tailored to your specific needs. The attorney can make decisions and take actions that align with your best interests, ensuring continuity and protection of your assets.

  4. Prevention of Disputes: By clearly defining your wishes through an Enduring Power of Attorney, you can help prevent potential disputes among family members or other parties about how your affairs should be managed. It provides clarity and reduces the likelihood of conflicts.

Choosing the Right Attorney:

Selecting the right person to act as your attorney is a critical decision. This individual should be someone you trust implicitly, as they will have significant control over your financial and legal matters. Consulting with a lawyer to draft and review your Enduring Power of Attorney ensures that all legal requirements are met and your interests are adequately protected.

Contact Us Today

If you haven’t yet established an Enduring Power of Attorney or need to update an existing one, it is essential to seek professional advice. To discuss your needs and ensure your financial and legal affairs are in safe hands, contact us today. Our experienced team is here to assist you in crafting an Enduring Power of Attorney that meets your requirements and provides peace of mind.

Let us help you!

If you need helps, please feel free to contact us. We will get back to you with 1 business day. Or if in hurry, just call us now.

Call : +61 8 8260 8134

info@enlightlegal.com.au Mon – Fri 09:00-17:00

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