Why Do You Need an Enduring Power of Attorney?

Life is unpredictable, and while we often plan for the future in terms of finances and assets, many overlook the importance of legal safeguards. One crucial document that ensures your interests remain protected is an Enduring Power of Attorney (EPA). But what exactly is it, and why should you have one in place?

What is an Enduring Power of Attorney?

An Enduring Power of Attorney is a legal document that allows you to appoint someone you trust to manage your financial and legal affairs. Unlike a standard Power of Attorney, an EPA continues to be effective even if you lose mental capacity. This ensures that someone you choose—not a court-appointed individual—handles your affairs if you become incapacitated.

Learn more about Enduring Powers of Attorney here.

Why is an Enduring Power of Attorney Important?

1. Protect Your Financial Interests

Without an EPA, your loved ones may have to go through a lengthy and costly legal process to gain authority over your financial affairs. Banks and financial institutions will not allow access to your accounts, and bills, investments, or property matters may go unmanaged.

2. Avoid State Intervention

If you lose capacity without an EPA, the State Administrative Tribunal may need to appoint an administrator. This process can be slow, expensive, and stressful for your family. Having an EPA in place ensures a smooth transition without the need for external intervention.

3. Ensure Your Wishes Are Respected

An EPA allows you to dictate exactly who will make decisions on your behalf and what powers they will have. Without one, there is no guarantee that decisions will align with your preferences.

4. Prevent Family Disputes

Family disagreements often arise over financial control when a loved one becomes incapacitated. An EPA can reduce the risk of disputes by clearly designating decision-making authority.

Common Misconceptions About EPAs

“I’m Too Young to Need One”

A loss of capacity can occur at any age due to accidents or illness. Waiting until later in life to create an EPA may leave you unprotected when you need it most.

“My Family Will Automatically Take Over”

Many assume that a spouse or children will have immediate legal authority to manage their finances. However, without an EPA, they may need to go through a legal process to obtain decision-making power.

“An EPA Gives My Attorney Too Much Power”

You can set clear limits on what your attorney can and cannot do. The document can also specify when the powers come into effect, whether immediately or only upon losing capacity.

Understanding Your Options

It’s important to distinguish an Enduring Power of Attorney from other legal tools, such as guardianship. Read about the key differences here.

Additionally, you may wonder whether an appointed attorney could have their role taken away. Find out more about the circumstances where this may happen.

How to Set Up an Enduring Power of Attorney

Creating an EPA requires careful thought and legal guidance. It involves selecting a trusted attorney, defining their scope of authority, and ensuring the document is legally binding. Seeking professional advice can help you navigate this process and avoid pitfalls.

About Bechelet & Co – Your Dedicated Perth Estate Law Practice

At Bechelet & Co, we are a dedicated law practice based in Perth, Western Australia, and leaders in Estate Litigation. We focus on Wills, Estate Planning, Probate, Deceased Estates, and resolving estate disputes through litigation.

Our mission is to provide strategic, results-driven legal representation to help you contest unfair wills, resolve inheritance disputes, and protect your rights in estate matters. Whether you are facing a contested estate, executor conflict, or need guidance through probate litigation, we are here to fight for your interests with confidence and clarity.

We understand that estate matters can be complex and emotionally charged. That’s why we offer tailored legal solutions to safeguard your future and ensure your wishes are upheld. If you need assistance in preparing an Enduring Power of Attorney or navigating estate disputes, our experienced legal team is here to guide you every step of the way.

Final Thoughts

An Enduring Power of Attorney is not just a legal formality—it’s a safeguard that ensures your financial matters remain in trusted hands. Establishing one now can prevent stress, protect your interests, and give you peace of mind that your future is secure.

If you need legal advice or assistance with your estate planning, contact Bechelet & Co today.