Why bother with an EPA?

If you suffer something like a stroke or heart attack, your house and other assets would be frozen while you’re incapacitated – which could, of course, cause significant legal problems.

For example, what if that happened to your partner?

Without an EPA, you wouldn’t be able to sell or mortgage the family home to raise funds, because your partner wouldn’t be able to sign any legal documents like a transfer or mortgage.

You’d have to go through the extra worry of getting a Court order before such documents could be signed and accepted by the Department of Land.

Enduring Powers of Attorney - Perth

older couple considering creating an enduring power of attorney from wills at home

You can legally plan how you wish decisions in relation to your financial affairs to be made if you become incapacitated.

What happens if you don't have an Enduring Power of Attorney?

If you become incapacitated and don’t have an EPA, your assets are frozen and can only be dealt with by an administrator appointed by the State Administrative Tribunal.

How awful would that be, for you or your partner?

But if you DO have an Enduring Power of Attorney?

Your affairs and finances are handled by the person you choose and trust. That person becomes your attorney and legally can do anything you can do. So any legal problems would simply disappear.

You only need to do your EPA once, and it lasts for life.

There’s a modest one-off premium, and there’s usually no need for an annual renewal.

Who needs an Enduring Power of Attorney?

Anyone who owns real estate or has investments (including cash) in their name, alone or jointly with another person. So just about anyone.

There are two types of Enduring Power of Attorney.

1. Comes into effect when you decide you'd like someone else to manage your affairs.

This EPA can be used at any time, whether you’re incapacitated or not.

It’s often used by older clients who want to be able to choose when someone else starts to manage their affairs. eg when they want their children to handle their banking and finances.

2. Comes into effect if you’re certified unable to manage your affairs.

This is just a form of protection if you are certified as unable to manage your affairs. The test is a legal one made with consideration of medical evidence, and the EPA is only in force while the certification is in place.
It’s generally used by younger people who want to protect themselves and their family in case they are ever incapacitated.