Most people know having a Will is important but Wills only take effect once you pass away. So how can you protect yourself, your property, and your family while you are still alive, but may not be able to make your own decisions or carry out your wishes. You can use an Enduring Power of Attorney or EPA. Here are 10 things you should know about EPA’s: –
- They operate while you are still alive.
- They allow you to appoint someone to act as your attorney and to manage your financial, personal or health decisions (or a combination).
- You can appoint whomever you like (make sure you trust them).
- You can limit their powers.
- You can change the document at any time so long as you have the capacity to do so.
- You can put protections in place to stop the misuse of the power given to your Attorney.
- You can have as many Attorneys as you would like (we recommend not more than 4 for practicality).
- You do not have to lose your capacity for the power to start (you can set it up to take effect if you are travelling, or cannot be contacted).
- You can register your document so your doctor/health professionals can find it.
- If your Attorney needs to deal with land on your behalf, they must register the document with the Queensland Titles Registry.
If you would like assistance preparing or updating your Will or EPA, please contact us.