What You Need to Know About EPOA’s
Ensuring you have an Enduring Power of Attorney appointed is a crucial step in the estate planning process. It ensures you have a “backup” in the event you become incapable of making decisions for yourself for financial, personal or health related matters.
What is an Enduring Power of Attorney?
An Enduring Power of Attorney (also known as EPOA) allows you to appoint someone you trust to make decisions about financial, personal and/or health matters in your life on your behalf.
What Are the Different Types of Powers of Attorney?
Personal (including Health) Decisions
- Decisions relating to your health care.
- Consents to the withdrawing or withholding from life-sustaining medical treatment.
- Decisions in relation to where and whom you live with.
- Day-to-day decisions (diet, dress etc)
- Whether you work or undergo training/study
- Consent for operations etc.
Financial Matters
- Paying your debt/s
- Paying any expenses for you
- Making decisions regarding your investing your income
- Selling any of your assets
You can choose a different person to be your Enduring Power of Attorney for financial matters as well as personal (including health matters) if you wish.
When Does an Enduring Power of Attorney’s Power Come into Effect?
When are my attorneys empowered?
Financial Enduring Power of Attorney – You may specify whether for their powers to begin immediately on the date you sign the document or for their powers to commence on a date specified by you/on a specified occupation (e.g., when you lose capacity.)
Personal & Health Power of Attorney – The powers for health and personal powers of attorneys will only come into effect when you have lost capacity to make decisions.
What Should I Look for When Choosing My Enduring Power of Attorney?
Your Enduring Power of Attorney must be over 18 years old and must be trustworthy & capable.
The person you choose to be your EPOA is going to be making life decisions on your behalf when you’re incapable of doing so. You need to trust them, and you need to be comfortable with them making these decisions for you.
Safe Custody
As a complimentary service offered to our estate planning clients, we will store your original will/estate planning documentation in our strong room for safe keeping, as well as be uploaded to your Online Client Portal. Your documents will stay in our safe custody room until requested – if ever needed.
A will is one of the most important documents you will have, and you want to ensure it’s done correctly. Contact our estate planning team today to assist you with your Will.
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