Enduring Powers of Attorney
With so many things going on in your daily life, it is a smart decision to ensure that someone will manage your financial and legal affairs should you become unfit, whether permanently or temporarily.
Borchard and Moore provide legal advice and assistance in preparing your Enduring Power of Attorney (EPA) and in ensuring its validity.
What is a Power of Attorney?
A power of attorney is a document by which you (donor) appoint and authorise one or more persons (donee/s) to manage your financial and legal affairs and indicating therein the date from which the appointment is to operate, the limited or unrestricted powers of the donee, and in case of two or more donees, whether they must act jointly or independently in exercising the powers.
What is an Enduring Power of Attorney?
An EPA is a Power of attorney designed to remain operative even after losing your mental capacity or physical capacity to manage your own affairs. It has three parts:
authorising the appointment of an attorney
acceptance of the appointment
signed by two witnesses who must not be an attorney, but one can be related to the donor and one of them must be authorised by law to witness the signing of statutory declarations.
When can an EPA be valid?
Both the person giving the powers (donor) and the attorney (donee) should:
be at least 18 years of age
have sufficient mental capacity to fully understand the nature and meaning of the EPA documents
What will happen if I have no financial power of attorney?
If there is no EPA in place at the time that you become incapacitated, it will be necessary to go to Victorian Civil and Administrative Tribunal (VCAT) for the appointment of an administrator. This may be inconvenient, expensive and the court-appointed administrator may not be the person you wish to manage your affairs.
What will happen to my EPA when I die?
The EPA will cease to operate when the donor dies. If you left a valid will, it is the executor who will then manage the affairs and settlement of your estate, but it will be the the administrator who will perform this function should you die without leaving a valid will.
Email or call us now on (03) 9546 8155 to get expert legal advice and representation.