Ever considered who would manage your affairs if you couldn’t do so for yourself?

What are Enduring Powers of Attorney (EPoAs)?

Enduring Powers of Attorney are an appointment you can put in place to ensure that your affairs are managed by a person or persons should the situation arise where you become unable to manage your affairs.  This could be due to an unexpected accident or illness.    

The EPoAs come in two forms: one for your Personal Care and Welfare and one for your Property (your assets).  

Personal Care and Welfare – This is primarily about your health and wellbeing.  You can appoint only one person to be your attorney under this EPoA, and this would only be activated upon issue of a certificate given by a medical practitioner able to provide such certification.   

Property – This takes care of your assets which may include, but are not limited to, real estate and/or bank accounts.   You can appoint one or more persons to be your attorney under this EPoA.  This appointment can be used by the attorney either immediately, or only if you were to become incapable. 

It is important to note that for either EPoA, upon the death of a Donor (the person who creates the EPoA), the EPoA has no further authority and ends.   Upon death, your Will would activate.   

An appointed attorney is required to act in your best interests, and in a way that you would have acted had you been able to.  It is therefore important that the appointed attorney is someone you hold in good stead and can trust wholly.

What happens if you do not have EPoAs in place?

 Should the unexpected happen and you are unable to manage your affairs without EPoAs in place, a family member or friend would need to apply to the Family Court to become your Welfare Guardian and/or Property Manager.   This can be an exhaustive and expensive exercise that also requires the ongoing cost of regular renewal and public oversight. 

If you would like to put some EPoAs in place, then please contact our team for more information.