There is no better time to make an EPA than now.
The current Covid-19 pandemic has made a lot of people pause and think about their loved ones and how the future will take shape. It is a time of uncertainty which in itself can cause a certain level of anxiety. To help ease this a little, now would be a good time to grant an Enduring Power of Attorney so that should you at some time in the future, become unable to manage your financial affairs and make decisions in relation to your healthcare, you will have someone who can.
There are two different types of Enduring Powers of Attorney:
- Personal Care and Welfare (the Attorney can make decisions in relation to your health, care of you and where you will live); and
- Property (the Attorney(s) has the ability to sell your property, operate bank accounts, pay your bills, file tax returns and you can appoint one or more who can act jointly or separately).
You need to think carefully about whom you wish to appoint as your Attorney and it needs to be someone that you trust.
You can name people that your Attorney must consult with first before making any decisions.
You can also name people who the Attorney must supply with relevant information.
You do need to consider however the time taken to make a decision by your Attorney especially if they need to consult others in different time zones/countries.
Your Attorney must be 20 years or older, not bankrupt nor mentally incapable themselves.
The alternative to an Enduring Power of Attorney, should you become unable to look after your affairs, is an application to the Court for a Property Manager or Welfare Guardian to be appointed. This could cause an element of stress to your loved ones who may be responsible in arranging for the applications to be made due to the time taken and the costs involved.
There is no better time to make an Enduring Power of Attorney than now as part of your future planning, providing you with some degree of certainty about the future.
For further information, or to make an appointment please contact Sandy Lauder or call on 03 477 8080.