As we navigate through our daily lives, we often face situations where we need to make important decisions regarding our finances, property, and medical care. However, what happens if we become unable to make these decisions ourselves? This is where an Enduring Power of Attorney (EPA) becomes crucial.
In Victoria, an EPA is a legal document that appoints a trusted person, also known as an attorney, to make financial and legal decisions on your behalf if you are unable to do so due to illness, injury, or mental incapacity. An EPA is different from a general Power of Attorney (POA), which only remains valid while the person who appointed it has the capacity to make decisions for themselves.
Here are some situations where you may need an EPA in Victoria:
- Ageing Population: With Australia’s ageing population, there is a higher likelihood of mental incapacity, such as dementia, which may limit the ability to make decisions. An EPA can ensure that your financial and legal affairs are taken care of by someone you trust.
- Accidents or Illness: Accidents and illnesses can happen to anyone, at any time, which may result in a temporary or permanent incapacity. An EPA can give you peace of mind, knowing that someone can manage your affairs while you recover.
- Business Owners: Business owners need to ensure that their business can continue to run in their absence, especially if they are the sole decision-maker. An EPA can provide continuity in the business by allowing the appointed attorney to make decisions in the owner’s absence.
At Malkin Lawyers, we understand that the decision to appoint an attorney is not an easy one, which is why we offer fixed fee packages for Enduring Power of Attorney documents. We take the time to understand your unique circumstances and guide you through the legal process to ensure that your interests are protected.
It is important to note that an EPA document must be created while you still have the mental capacity to make decisions for yourself. Once you lose the capacity to make decisions, it is too late to appoint an attorney. Therefore, it is essential to plan ahead and create an EPA document before it is too late.
In summary, an Enduring Power of Attorney is a legal document that can provide peace of mind for you and your loved ones by appointing a trusted attorney to make important financial and legal decisions on your behalf. It is crucial to plan ahead and create an EPA document while you still have the capacity to do so. At Malkin Lawyers, we offer fixed fee packages to help guide you through this process and ensure that your interests are protected.