In today’s world, it is crucial to plan for the future and make provisions for unforeseen circumstances.
One way to ensure our interests and well-being are protected is by appointing an enduring power of attorney (EPA).
An EPA grants someone we trust the legal authority to make decisions on our behalf when we are no longer capable. This powerful legal instrument offers numerous benefits that can provide peace of mind and safeguard our interests. Let’s explore some of the key advantages of appointing an enduring power of attorney.
Protection During Incapacity
Life is unpredictable, and there may come a time when we are unable to make decisions for ourselves due to illness, disability, or mental incapacitation.
By appointing an EPA, we can ensure that a trusted individual, known as the attorney, will step in to make decisions in our best interests. This includes managing our financial affairs, paying bills, accessing bank accounts, and handling property matters.
The EPA acts as a safety net, guaranteeing that our interests are protected even when we are unable to voice our wishes.
Choice and Control
By appointing an EPA, we retain control over who will make decisions on our behalf if the need arises.
We have the freedom to choose a person we trust implicitly, someone who understands our values, preferences, and wishes. This ensures that our voice continues to be heard, and our best interests are upheld.
Without an EPA, decisions about our well-being may be made by someone appointed by a State-based civil and administrative tribunal, which may not align with our desires.
Seamless Financial Management
Appointing an EPA streamlines the financial management process during incapacitation.
Our attorney can handle financial transactions, pay bills, manage investments, and ensure our financial affairs remain in order.
This eliminates the need for lengthy processes, such as guardianship, which may otherwise be required to grant someone the legal authority to act on our behalf.
Reduction of Family Conflicts
In situations where there is no appointed EPA, family members may have differing opinions about who should make decisions on behalf of an incapacitated individual. This can lead to conflicts, causing emotional stress and strained relationships.
Appointing an EPA in advance minimises the potential for such conflicts by clearly designating the person who will make decisions, eliminating ambiguity and promoting family harmony during challenging times.
Preservation of Dignity and Autonomy
An EPA ensures that our dignity and autonomy are upheld even when we are unable to make decisions independently.
By appointing someone we trust as our attorney, we can rest assured that our values and preferences will guide the decision-making process.
This helps preserve our identity and ensures that our wishes are respected, even in situations where we cannot communicate them directly.
Appointing an enduring power of attorney is a prudent step to protect our interests, maintain control over our lives, and alleviate potential burdens on loved ones during times of incapacity.
It provides peace of mind, promotes family harmony, and safeguards our dignity and autonomy.
By choosing a trusted individual to act on our behalf, we ensure that our best interests are prioritised, and our wishes are respected.
Embracing the benefits of an EPA empowers us to navigate the future with confidence, knowing that our affairs are in capable hands
For many, the new financial year will bring new opportunities.
If you would like more information on any of the topics covered in this blog and how you might be affected, please call 02 4050 0900 to speak with our financial planners.
Source: Centrepoint Alliance
General Advice Disclaimer:
This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.
