There are times when you may need someone you can trust to look after your legal and financial affairs. You may experience the misfortune of an accident, illness or perhaps you are about to retire. There is no need for those events to unnecessarily complicate your life. An Enduring Power of Attorney can give you the peace of mind that comes from knowing that your affairs are in good hands. An Enduring Power of Attorney is a legal document which gives another person, or a trustee company, the authority to make financial and legal decisions on your behalf. It can only be made whilst you are of sound mind and capable of making those legal and financial decisions yourself.

Whilst an Enduring Power of Attorney can be acted upon immediately at your request, it is also designed to be used at a time when you are no longer able to manage your own affairs. The Enduring Power of Attorney automatically ceases upon your death. The time to consider an Enduring Power of Attorney is when you are healthy, aware and in full control. Apart from old age, many situations where you might need an Enduring Power of Attorney arise quickly and without warning. Once you lose capacity, for example through disability or illness, an Enduring Power of Attorney cannot be signed.

While you are mentally capable, you can choose to revoke your Enduring Power of Attorney at any time. It is necessary to inform your Attorney if you change or revoke the power, as your Attorney can legally continue to act on your behalf if they are not aware of these changes. Looking after a person’s affairs requires responsibility, experience and the ability to deal with complex legal and financial matters. It may also demand a considerable time commitment. You may wish to appoint your spouse, another family member, close friend, or a trustee company to act as your Attorney.

Once you place control of your affairs into the hands of a non-professional Attorney, however, they have no legal obligation to provide accounts or to report to any other person about the management of your affairs. A trustee company, on the other hand, is subject to greater scrutiny and controls. You should give careful consideration to these matters before choosing your Attorney.