Enduring Power of Attorney: Who Qualifies and What You Get
Learn how an Enduring Power of Attorney allows someone to manage finances for another person if they lose the ability to do so themselves.
An Enduring Power of Attorney is a legal document that gives someone you choose the authority to manage your finances if you are no longer able to do so yourself.
Who it's for
This arrangement is available to any adult.
What you get
By setting this up, you grant a person you trust the legal power to handle your financial affairs and care needs on your behalf.
What it costs you
There are no government fees mentioned, but you will need to pay for legal services to draft the document and for the formal witnessing of the signatures.
The catch to know
You must set this up while you still have the mental capacity to understand the decisions you are making. Once you lose that capacity, you can no longer create this document.
How to apply
- Decide on the person you want to manage your finances.
- Consult a legal professional to draft the document.
- Ensure the document is signed and witnessed according to legal requirements.
- Keep the original document in a safe, accessible place.