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February 25, 2015
Enduring Power of Attorney (EPA)

By Aaron Kitson

Everybody owns some form of asset whether it is real estate, a bank account, a motor vehicle, shareholdings, etc.

So what would happen to your assets in the event that:

You are outside of Australia, on holiday or business for example, and an issue related to your financial affairs arises, or

You suddenly lose your physical and/or mental capacity, temporarily or permanently, as a result of an accident or illness

Who will make those important decisions when you are unable to do so yourself?

This is when an EPA would assist you.

Setting Conditions for an EPA

An EPA is a legal document within which you appoint a trusted person or people to make decisions on your behalf in relation to your financial and/or property affairs.

You may choose for your EPA to be effective either:

As soon as you and your appointed attorney or attorneys have signed your EPA, or

Only when you have suffered an illness or injury which renders you incapable of attending to your financial and/or property affairs yourself.

In the unfortunate event that you lose the ability to attend to your financial and/or property affairs yourself, it is vital that you have an appointed attorney or attorneys so that your financial affairs can be dealt with quickly to meet your medical and/or personal needs as well as the needs of your family.

We are able to take instructions to prepare an EPA from anyone over the age of eighteen years who also has full legal capacity. If you wish to instruct that we prepare your EPA, please contact Aaron Kitson of LBH on akitson@lbandh.com.au.

It is important to remember that an EPA does not permit your attorney to make decisions related to your health, care and lifestyle.

For More Information

If you wish to know more about appointing somebody who can make decisions related to your health, care and lifestyle please follow the link for Enduring Power of Guardianship (EPG) Enduring Power of Guardianship for more information as to those arrangements that may be made concerning your appointment of an Enduring Guardian.