Enduring Powers of Attorney (EPAs)
We never know what life will throw at us.
Perpetual Guardian can help members put together an enduring power of attorney (EPA) which protects you by allowing a person or organisation – referred to as an ‘attorney’ – to act on your behalf if you cannot or do not wish to.
If you become incapacitated, perhaps through illness or age, it can cause problems for you and your family. Without an EPA, they cannot make decisions on your behalf and must apply to the Family Court to help you legally manage your affairs – a costly and stressful process.
There are two types of EPA:
Property: for managing your financial affairs and assets. You can appoint a person or an organisation as your attorney for property. An attorney for property can also act for you on a temporary basis – for example, if you go on holiday abroad and need someone to make financial decisions back home on your behalf.
Personal Care & Welfare: for managing your personal health and wellbeing. Only an individual – such as a trusted friend or relative – can act in this role, which involves looking after things like accommodation arrangements, medical decisions, and purchasing clothing or personal items.
An attorney has to act in your best interests so it is important to appoint someone who you trust implicitly.
Perpetual Guardian can help you identify a suitable attorney and offer an impartial perspective.
EPAs are flexible:
- You can appoint more than one attorney and substitute attorney;
- You can choose someone to work with your attorney and advise them, like a friend or an accountant;
- You can change or cancel it at any time (as long as you are mentally capable to do so);
- You can, with an EPA for property, specify when it comes into effect - immediately, or sometime in the future.
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Prices do not include any fee payable to a party outside Perpetual Guardian where legislation requires an independent witness.
For more information on enduring powers of attorney, visit www.perpetualguardian.co.nz