An Enduring Power of Attorney (EPA) is a legal agreement that enables a person to appoint a trusted person – or people – to make financial and property decisions on their behalf.
An EPA is an agreement made by choice, that can be executed by anyone over the age of 18, who has full legal capacity.
‘Full legal capacity’ means that the person must be able to understand the nature and effect of the document they are completing and the nature and extent of their estate.
An EPA cannot be made by another person on behalf of a donor whose capacity might be in doubt due to mental illness, acquired brain injury, cognitive impairment or dementia.
An EPA can be operational while the person still has capacity but may be physically unable to attend to financial matters.
The benefit of an Enduring Power of Attorney is that unlike an ordinary Power of Attorney it will continue to operate even if the donor loses full legal capacity.
An EPA does not permit an attorney to make personal and lifestyle decisions, including decisions about treatment.
The authority of the attorney is limited to decisions about the donor’s property and financial affairs.
An EPA is legally binding.
To be made null and void it must be revoked by the donor or the State Administrative Tribunal.
For further information contact our team on (08) 9368 1337
Information provided by Willcraft Estate Planning Pty Ltd, An Incorporated Legal Practice.