If you lost the ability to make decisions about your wellbeing, finances or property, what would happen? It’s only sensible to put measures in place now to protect your interests should that day come. This article not only clarifies the meaning of an Enduring Power of Attorney but also outlines its responsibilities and how it works. The power of attorney information below is for Victoria, but it is similar for other states and territories. You should always check the correct information and terms to use for the state or territory you are in.
Ensure your wishes are honoured with easy-to-understand, Victorian-specific legal guidance. Make an appointment with State Trustees today.
Enduring Power of Attorney meaning
This term refers to a powerful legal document that gives someone (the attorney) the right and responsibility to conduct financial, legal, or personal affairs on behalf of another person (the principal). An ‘enduring’ Power of Attorney (commonly known as an EPA) means that your Power of Attorney continues even when the principal loses decision-making capacity. The role of the attorney is only valid when the principal person is alive and willing for the other person to make decisions on their behalf. If the principal dies, the attorney’s power ceases.
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Your day-to-day personal finances
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Your bills
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Managing your property
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Your tax returns
Enduring Power of Attorney (financial)
An Enduring Power of Attorney for financial matters means your attorney can decide about your financial or property affairs. This includes any legal matters that relate to them, such as:
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Your day-to-day personal finances
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Your bills
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Managing your property
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Your tax returns
Enduring power of attorney (personal)
This type of attorney means your attorney can make decisions about your care and personal welfare. This doesn’t include medical decisions. However, it does include:
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where you live
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who you live with
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what education or training you can have
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whether you go on a holiday and where you go.
Supportive attorney
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collecting information
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communicating your decisions to others
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making sure the decisions you make are carried out
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a combination of these things
Learn more – watch our informative video about preparing and activating your Power of Attorney.
What decisions can an Enduring Power of Attorney not make?
There is a range of decisions and actions you can’t make as an attorney.
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Voting in elections
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Making or revoking a will
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Making or revoking a power of attorney
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Consenting to getting married or divorced
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Making decisions about the welfare of children
Contact State Trustees for help with enduring powers of attorney
For professional advice and help creating a power of attorney document, you can turn to State Trustees. We provide Will and Power of Attorney Appointments both in person and via video call to help ensure that you have the support you need to make arrangements that align with your wishes.
We hope this expert guidance has helped clarify what an Enduring Power of Attorney is. Act now – secure peace of mind for you and your loved ones. Call 1300 138 672 or contact us today.
FAQs
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Enduring Power of Attorney
When choosing an Enduring Power of Attorney, you need to be as objective as possible. Your first criterion should be trust – you must appoint someone in this role who you can trust implicitly to manage your affairs. This will likely be a close family member, friend, or professional trustee. Â
The purpose of an enduring EPA is to have a trusted decision maker who can manage your financial and property affairs should you lose the mental capacity to do so. If there is nobody officially appointed to this role, it becomes a decision for the Court. There is no guarantee the Court decision will reflect your original wishes. Appointing an EPA is a smart move for planning ahead, should an injury, illness or accident befall you.Â
The most significant difference between a normal and an Enduring Power of Attorney is that a general POA stops if you lose the ability to make decisions. In contrast, an EPA remains valid and continues to protect your interests.
You must be at least 18 years old. You can set up an EPA fairly quickly and easily with the help of State Trustees. We require about an hour of your time to ask the necessary questions and gather all the information. We then complete the paperwork that you and two witnesses must sign. We will complete the registration and store the EPA for you at no cost.Â
Before our meeting, we recommend that you consider what powers you would like us to be responsible for and whether you wish to impose any limitations or caveats.
An EPA remains in place unless any of the following occur:
- The person who made it formally revokes or changes it
- The person who made it diesÂ
- The Attorney resigns, dies, or loses their mental capacity
The cost for making an EPA with State Trustees Victoria is as follows:
- $70 for a Will and Power of Attorney bundle kitÂ
- $330 for a Power of Attorney appointment with one individualÂ
- $600 for a Power of Attorney appointment with a coupleÂ
- Zero cost for storing an EPAÂ
Please refer to State Trustees fees and charges.
State Trustees are experienced and impartial, and will act in your best interests if ever you lose the mental capacity to manage your own affairs. We are regulated by Victorian law, which means we must follow strict rules to safeguard your future wellbeing and finances, and to make personal decisions on your behalf. Appointing a public trustee as your Enduring Power of Attorney is especially wise if you:
- Don’t have family or friends you can trust to step into this roleÂ
- Want to avoid family conflict or pressureÂ
- Prefer someone who can make decisions and remain truly impartialÂ
- Have complex assets, personal situations or business interestsÂ
- Need assurance and continuity – an enduring authority you know will always be available to act
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