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It is often stated that an Enduring Power of Attorney is one of the most important documents to have when you are alive.
A will is a document that comes into effect when you die. However, what happens when you are alive but lose capacity and you are unable to manage your affairs or make decisions? This is where the document – an Enduring Power of Attorney (EPA) applies.
It is important to appoint someone you trust as your attorney as they will make decisions potentially about your financial and personal decisions if you were to lose mental capacity. Unfortunately, a person can lose their mental capacity as a result of injury or illness and without warning. By having an Enduring Power of Attorney, it can save you and your family unnecessary uncertainty and anguish about how decisions are made.
If you don’t have an EPA, then a friend or relative may have to make an application to the Queensland Civil and Administrative Tribunal (QCAT) to be appointed as your Administrator (to make financial decisions) and/or your Guardian (to make personal decisions.
Why it is vital to have an Enduring Power of Attorney!
