When we think about Enduring Powers of Attorney (EPOAs), many assume they’re only necessary later in life. However, at KT Law, we emphasise that EPOAs are crucial for everyone, regardless of age. Life is full of unexpected events that can lead to a sudden loss of mental capacity, making it essential to have an EPOA in place. Whether it’s a sports injury, a car accident, a serious illness, or even a medical condition like a concussion or brain injury, an EPOA ensures that your affairs are managed according to your wishes if you’re unable to make decisions yourself.
Consider the activities that many younger adults engage in regularly—contact sports,
extreme sports, or even high-risk hobbies like rock climbing or mountain biking. These
activities, while exhilarating, carry the risk of serious injury. A severe concussion, spinal
injury, or other trauma can result in temporary or permanent loss of capacity, making it impossible to manage your own affairs. Similarly, car accidents, which can happen at any age, are a leading cause of traumatic brain injuries that might leave you unable to make decisions for yourself.
An EPOA allows you to appoint someone you trust as your Attorney, giving them the legal authority to make decisions on your behalf when you’re not capable of doing so. There are two key types of EPOAs: Personal Care & Welfare, which covers decisions about your health and wellbeing, and Property, which deals with your financial matters, such as managing your assets, paying bills, and handling any business interests. Choosing the right person for each role is crucial, as they will be responsible for making important decisions that impact your life.
It’s not just about the immediate risk of injury; unforeseen medical events, such as a sudden
illness or a stroke, can happen at any age. These situations can leave you mentally incapable
and unable to manage your own affairs, highlighting the importance of having an EPOA in
place. With an EPOA, the person you trust most is empowered to act on your behalf, ensuring your wishes are followed.
Furthermore, you can appoint successor Attorneys to step in if your primary choice is unable to act. For example, if you initially appoint a parent as your Attorney but they become unable to fulfil the role, a successor Attorney can seamlessly take over, ensuring there’s no interruption in the management of your affairs.
It’s important to remember that an EPOA is not a permanent, unchangeable decision. You
can update or create a new EPOA at any time while you have the mental capacity to do so.
This flexibility means you can adjust your EPOA as your circumstances or relationships
change, ensuring that your wishes are always respected.
At KT Law, we urge you to take this proactive step to protect your future. If you don’t have
an EPOA in place, or if you’re unsure whether your current arrangements are still suitable,
contact us today. Let us help you ensure that your affairs are managed by someone you
trust, no matter what life throws your way.
Disclaimer: The content of this article is general in nature and not intended as a substitute for specific professional advice on any matter and should not be relied upon for that purpose. We do not give financial, taxation or investment advice and nothing in this article is intended as such.