An Enduring Power of Attorney (EPOA) is a legal document registered with the bank that allows you to appoint someone you trust to act on your behalf. This authority continues even if you lose the capacity to make decisions, and remains in place until you pass away.
When it's commonly used
This option may be suitable if you’re planning ahead and want long-term arrangements in place, particularly if:
-
You’re wanting to plan for the future and safeguard your finances as you age
- You have a family member showing signs of needing extra care
-
You want formal arrangements in place if you become seriously ill
What are the benefits?
-
Provides peace of mind that your financial interests are protected if you become very ill or lose capacity to make decisions.
-
Gives someone you trust clear legal authority to manage your financial affairs.
-
Can make longer-term changes – such as moving into care – easier to manage, and can reduce the need for guardianship arrangements.
Things to consider
-
Appointing someone to manage your finances is a big decision and requires a high level of trust.
-
There is a risk an attorney may not always act in your best interests, and may misuse their power for personal gain.
-
Legal advice is strongly recommended due to the complexity of these arrangements.