Take Control of Your Future Today!
Enduring Power of Attorney
Understanding
Enduring Power of Attorney
An Enduring Power of Attorney (EPOA) is a legal document that grants someone else the authority to manage your financial and legal matters while you are still alive. This trusted individual, known as the "Attorney", acts on your behalf to make decisions in line with your best interests.
Appointing an Enduring Power of Attorney ensures that your affairs are taken care of if you are unable to do so yourself due to illness, travel, or incapacity.
Each state and territory has different forms and rules about Power of Attorney, and because the documents are so different, we only offer EPOA for NSW. If you reside, have assets, and/or business dealings in NSW, our EPOA will suit you.
If you elect to use our EPOA, we prepare the document but do not provide legal advice.
Who can be appointed: Anyone over 18 who you trust, such as a family member, friend, or even a professional advisor. You can appoint more than one person and "backups" or substitutes. The people you appoint should be located in NSW. You should ask them if they want to act.
Revocation: You can cancel or change your EPOA at any time, provided you still have decision-making capacity and serve a revocation notice on the old Attorneys.
If you have lost capacity and the EPOA needs to be changed, an application can be made to the New South Wales Civil and Administration Tribunal (NCAT).
Legal recognition across NSW: Our EPOA will be recognised by individuals, organisations and companies in NSW. If you intend to use an NSW EPOA in another jurisdiction, they may recognise same - but you should not assume so and should make your own enquiries and do your own research. Sometimes people need a EPOA in NSW and also in other states that complies with each states' rules, such as if you owned real estate in different states or territories.
Why is an Enduring Power of Attorney Important?
Maintain Control Over Your Affairs
By appointing a trusted person, you ensure that your financial matters, property, and other assets are managed in the way you would want.
Avoid Potential Legal Disputes
Without an EPOA, your loved ones may face complex and costly legal processes to obtain authority to manage your affairs. It can take time to rectify and this may leave you helpless. It may also result in a stranger managing your finances, such as the Public Trustee.
Plan for Unexpected Circumstances
Life is unpredictable. Whether you experience a sudden health crisis, an accident, or even extended travel, having a EPOA ensures continuity and security.
Appoint An Enduring Power of Attorney today!
(for NSW use only)
Just Answer a Few Simple Questions!
What Can An Enduring Power of Attorney Do?
manage bank accounts & investments
buying or selling property
paying bills
& debts
handling taxes & legal matters
operating your business
Get It Right!
Tips for Appointing an Enduring Power of Attorney
Choose Wisely
Select someone you trust completely, as they will have significant control over your legal and financial matters. This could be a close family member, friend, or a professional like a lawyer or accountant. Make sure the person understands your values and preferences. Ask the person/s if they are willing. They should be someone with financial literacy and who is not in financial distress or bankrupt themselves. If you chose a professional, ask about possible costs.
Inform Key People of Your EPOA
Let relevant parties (e.g., your family, financial institutions, or accountant) know about your EPOA and who is authorised to act on your behalf and provide them with a copy. This can help avoid delays or confusion when the document needs to be used.
Set Clear Limitations and Instructions
You can specify limitations on the powers you grant. For example, you might allow your agent to manage financial matters but not sell certain assets. Clearly outline any special instructions in the EPOA document.
Consider Naming Substitutes or Backups
To avoid complications if your first choice is unavailable or unable to act, appoint a substitute attorney. This ensures your affairs are managed without interruption if the first choice is unable or unwilling.
Review and Update Your POA Regularly
Circumstances change, and the person you trusted years ago may no longer be the best choice. Regularly review your EPOA to ensure it aligns with your current situation and wishes.
Consider if You Need A EPOA in Different States
Each state has slightly different legislations and rules. An NSW EPOA is for assets on NSW.
START PLANNING TODAY!
Appoint an Enduring Power of Attorney with Wills No Frills!
(NSW only)
Ready to take control of your future? At Wills No Frills, we make it easy to create a Enduring Power of Attorney. You just need to answer a few simple questions, and our streamlined process will guide you every step of the way.