The Importance of Enduring Power of Attorney
‘I want to make things easier for my loved ones if something happens to them and they cannot decide for themselves. What should I do?’
The first question I ask is if their loved ones have an enduring power of attorney (EPA). This is the most powerful document a person can sign in Western Australia and is one of the most important estate planning documents.
The EPA allows you to appoint someone to act for you with immediate effect or only if you become legally incapacitated and cannot decide for yourself. This document is very important because Western Australia does not have a default law that automatically appoints someone to look after your financial and property affairs if you become incapacitated.
Without an EPA your loved ones will not be able to make decisions for you or manage your finances and property without asking the State Administrative Tribunal to appoint an administrator for you. This process may become expensive and time-consuming and can be a potentially divisive process.
The importance of enduring power of attorney is discussed in the following slideshow.
There are several do-it-yourself EPA forms available online. However, it is a better idea to have a lawyer draft a customised EPA for you. There are many issues to consider when creating your EPA and one size does not fit all.
Contact us for a free no-obligation assessment which includes a comprehensive analysis of your situation and a thorough breakdown of what needs to be done to help protect your family, assets and minimise tax.