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Enduring Power of Attorney

An Enduring Power of Attorney is an essential part of your personal estate planning. Many people are now realising how important it is to appoint an attorney to ensure their assets and financial affairs are properly managed.

A person you appoint to manage your financial and legal affairs for what ever reason is called your ‘attorney’. In this context, the ‘attorney’ does not need to be a lawyer/solicitor.

An Enduring Power of Attorney is a legal document where you (‘the donor’), appoint a person of your choice (‘the donee’) to manage your assets and financial affairs if you are unable to do so due to illness, an accident or your absence.

The appointment may come into operation (be activated) immediately or may be deferred for a future need or event. It can be for a fixed period or to perform a specific task and may be revoked by you at any time, providing you have mental capacity (being of sound mind) to do so.

You must sign the Enduring Power of Attorney and have mental capacity to do so and the donee must also accept the appointment as your attorney by signing an acceptance (when activated). Your attorney will then have control over your assets and financial affairs or a specified portion of them.

If you lose the mental capacity to manage your affairs, the Enduring Power of Attorney is activated and your attorney will be responsible for managing your assets, collecting your income and paying your bills.

The Enduring Power of Attorney ceases when you die, then the executor named in your will takes over responsibility for your estate.