Enduring Powers of Attorney
TOWER Trust explains what an Enduring Power of Attorney is and why you should have one.
Wednesday, June 14th 2000, 9:20PM
Why do you need an Enduring Power of Attorney?
If you suffered a serious accident, a stroke or other serious illness who would look after your affairs? An Enduring Power of Attorney is the solution to your problem as it allows someone to act on your behalf if ever you're unable to.
No one can tell when illness or accident may strike - or what effect advancing years will have on your faculties. An Enduring Power of Attorney is an important precaution that can save your family, friends and associates considerable stress, and ensure your affairs continue to be well managed.
If you do not have an EPA and you lose your mental capacity, then managing your affairs can become a nightmare. Your family or friends can't just step in on your behalf. They must first apply to the Family Court.
The court process is costly and does take a considerable amount of time - and the Court may appoint a person you don't want to manage your affairs. With an EPA you keep the choices about who will look after your affairs and how they should act.
What are the types of Enduring Powers of Attorney?
There are two types of EPA:
- Property
- Personal Care and Welfare
A Property EPA enables your Attorney to deal with all or some of your property (this refers to not only the house you own but also other assets such as your bank accounts and investments).
A Personal Care and Welfare EPA enables your Attorney to make decisions in relation to your care and welfare such as which doctor you see, which rest home or hospital you go to, and other issues concerning your personal welfare.
Under a Property EPA you can appoint more than one person to act as your Attorney. You can also appoint a professional Trustee organisation like TOWER Trust as your Attorney under a Property EPA.
For a Personal Care and Welfare EPA you can only appoint a single individual as your Attorney.
A Property EPA gives you choices:
- You can appoint an individual or an organisation, like TOWER Trust.
- You can share the appointment among two or more individuals or organisations.
- Your EPA can cover all your property or be limited to specific items and subject to conditions.
- You can have several EPAs to deal with different property.
- Your EPA can be effective immediately or have as a "standby", to apply only when you're unable to make decisions.
- You can cancel or change or EPA as long as you are capable of understanding what you are doing.
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