A Brief Guide to Enduring Power of Attorney – Important Points You Need to Know
This article will talk about the enduring power of attorney – or EPA for short. It’s quite a common term that you’ve heard in various places. However, you may not have a single clue as to what it’s all about. Things may not be as clear to you the moment you heard about EPA. That’s why in this article, we’re going to make your thoughts clearer by educating you what an enduring power of attorney is. Keep in mind that this is only a brief discussion, so there may be points that will be left untouched. For a more comprehensive take on this topic, visit our website now.
Appointing an Attorney
If you’re planning to go for a power of attorney, you must nominate at least two lawyers to claim authority over your financial decisions. That way, one can stand for the other if the other lawyer isn’t available. The lawyers you appoint can also renounce their appointment any time before their EPA commences.
Different Types of EPA
There are different types of the enduring power of attorney. Each type depends on the situations and circumstances that you’ve appointed your lawyers. You can keep them in effect or choose to change the terms after some point in time. If you want to learn more about the different types of power of attorney, click this link or talk to one of our lawyers.
When Should It Come Into Effect?
If you’re wondering when you should activate a power of attorney, know that there are different circumstances that you should consider. However, among these situations, we have the following recommendations:
- Right away after you’ve settled with the terms
- Once you become mentally unstable or physically limited.
- When you decide or become mentally or physically disables – whichever comes first.
Make sure you decide who you’d want to determine your incapacity. It can either be the following:
- Your wife/husband
- Appointed lawyers
- Appointed medically certified physicians
- Click here for other possible people if none of the above options applies.
An Enduring Power of Your Attorney
Once a power of attorney comes into effect, the lawyers that you’ve appointed for the job will have the following authorisations:
- Full authority to appoint any of the powers given by the EPA document
- Full authority to use their powers to safeguard your interests in circumstances relating to all or part of your assets
Learn more about the enduring power of attorney when you visit our website. You can also talk to one of our expert lawyers on how you can establish an EPA and make sure you get the most of it.