09/10/2024
Understanding the Enduring Power of Attorney in WA
An Enduring Power of Attorney (‘EPA’) is a legal document that allows you to appoint another person to manage your financial and property matters. Unlike a general power of attorney, an EPA will continue to be valid even if you lose mental capacity. This means a trusted family member or friend can ensure your property and finances are looked after if you suffer a severe injury or illness, or otherwise become incapable.
An EPA may protect you in several main ways:
1. Protect your financial affairs – accidents, illness, or age-related conditions such as dementia can impact a person’s ability to make decisions. Having an EPA in place ensures that someone you trust will manage your financial matters, such as paying bills, managing investments, and dealing with property transactions, if you are unable to do so yourself;
2. Avoid unnecessary complications – without an EPA, if you lose the capacity to manage your affairs, your family may need to apply to the State Administrative Tribunal (SAT) to appoint a financial administrator. This process can be lengthy, costly, and stressful, potentially leading to family disagreements. An EPA helps prevent such disputes by clearly stating your preferences in advance;
3. Maintain control over who manages your affairs – creating an EPA allows you to choose who will make financial decisions on your behalf. This is particularly important if you have specific preferences about how your finances should be handled, or if you want to ensure that a trusted individual will manage your affairs in a way that aligns with your wishes.
Most importantly, an Enduring Power of Attorney can give you peace of mind that whatever may happen to you, a trusted person will be able to make sure your property and finances are looked after. Rest easy, knowing that whatever the future may hold, there will be someone there to help.
Call us on 9535 8399 to talk to our experienced legal team about your EPA today!
Please note this information is provided as general information only and is not intended to constitute specific advice for your circumstances. You should not rely on this information without receiving appropriate advice.
