An EPA allows you to give someone the authority to deal with your finances on your behalf. This is different to a “normal” power of attorney as it continues to operate should you suffer a loss of capacity to make decisions.
A person appointed under an EPA is not permitted to make personal and lifestyle decisions, including decisions about medical treatment. The authority is limited to decisions about property and financial affairs.
To cancel or revoke an enduring power of attorney you must be of sound mind. It is recommended that the revocation is made in writing.
An EPA can be useful should you become unable to look after your affairs at some stage in the future. This could be due to physical ailments, loss of mental capacity or something unforeseen, such as a motor vehicle accident.
The appointed attorney has a legal obligation to always act in your best interests and must keep their own money and assets separate from the money and assets of you.
Pro tip – EPAs are normally drafted along with your will. If in doubt, always seek legal advice.
Author: Stacey Walker
Email: stacey@faj.com.au
