Understanding an Enduring Power of Attorney (EPA)
No-one enjoys planning for the possibility of their health and well-being being unexpectedly impacted. Along with ensuring you have the ideal insurance cover, and legal necessities like having a will, it’s also essential to establish an Enduring Power of Attorney.
To help you understand the process, we’re explaining how and why you should establish an Enduring Power of Attorney (or EPA). It’s a straight-forward legal decision that everyone aged over 18 years should obtain.
An Enduring Power of Attorney is there to protect you – and the ones you love. It allows you to legally appoint a person (or people) as your ‘attorney’. This gives them responsibility for making the best decisions when it comes to your care and/or financial assets, if you’re physically or mentally unable to otherwise make these.
Because they’re acting on your behalf, it’s important to select someone that you trust implicitly and who knows you well.
Without an EPA, should a situation occur where you are unable to make decisions about your welfare, your loved ones will need to seek a court order to have an attorney appointed. That’s a stressful and potentially expensive process at an already difficult time.
There are different types of EPAs
There are two types of Enduring Powers of Attorney, and you should establish both. These are for your:
- Welfare and personal care – 1 attorney can be appointed
- Money and property – 1 or 2 attorneys can be appointed
If you wish, you can appoint the same attorney for both your EPAs – or you can choose different individuals.
When it comes to your money and property EPA, you have the option to appoint a trustee corporation as your second attorney; and you can also choose whether you would like your attorneys to work together to make joint decisions – or individual ones – on your behalf.
How to establish an EPA
Because these are important and legally-binding documents, you should always have independent legal advice to guide you and ensure they have been correctly created.
The EPA documents will need to be properly witnessed. As Sorted explains, your witness could be:
- A lawyer
- Qualified legal executive
- Representative of a trustee corporation
If you’re married or have a partner, Sorted recommends you both seek separate legal advice to ensure a completely impartial decision is made.
Review your EPA regularly
Like all legal arrangements, it’s important to regularly review your EPA – particularly if you are planning on major changes in your life, such as moving overseas, getting married, having children, or retiring. You can alter or cancel an existing EPA at any time, if you are mentally capable.
Helpful resources
For more useful resources when it comes to Enduring Powers of Attorney, visit:
If you’re making decisions about your future, it’s sensible to consider if you’re protected in other areas of your life. When it comes to insurance, our Plus4 advisers are here to help you identify the best ways to protect the people and things you love most.
As registered financial service advisers, you can trust their advice. Contact Pete today.
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