Learn the Advantage of Making Enduring Power of Attorney

Most of you might not know that an EPA differs significantly from an ordinary power of attorney. The power of attorney is the legal authority to authorize someone to act on behalf of another. And, an enduring power of attorney will make it sure that the trusted person or people make financial or property decisions on your (donor) behalf even though you (donor) are legally or physically incapacitated. In this article I would like to assist you to understand some very important things that are associated with in an EPA and its benefits.

Let us first understand the importance of an EPA.

Why you will need an EPA?
A simple answer is - To plan for future decision-making. Why you need a plan for future? Well, in every part of our lives we make several decisions, think hard about how we live. Whatever be the reasons, we take decisions mostly based on our personal preferences, beliefs and values. But all of a sudden, if an accident or illness resulted in some form of disability in decision making, that prevents you from making your own decisions, you might want to have some control over how these were made. And, in order to overcome such unexpected disability to decide over your financial and property decisions, an EPA is very essential. So everyone need enduring power of attorney because none can escape the risk of suffering a disability, injury or illness.

Assuming you have now understood the importance of an EPA, find below what you will require to become eligible for appointing Enduring power of attorney.

Legal competence is necessary – Any person above 18 years is given complete choice to decide for whom they want the EPA. But, only the person who has full legal capacity at the time of deciding EPA is eligible. Having ‘full-legal-capacity’ means – you (donor) must have knowledge on the document and the implications of it. This can be a tangled area of law. Take the help of solicitors to make your EPA; if you want to include more detail about your financial affairs you want your attorney to have the power to deal with.

Top two Benefits of an EPA
• When you are physically disabled, you will find it hard to attend and manage your financial and property affairs. Making an EPA can help you immediately appoint an attorney to take charge of such situations.
• Not just in physical disabilities, an EPA helps you get all your financial and property estate function properly on your behalf even you may no longer be able to manage them or when you lose mental capacity to make decisions.

Remember, when you make an EPA consult a lawyer to help understand both risks and benefits.