An Enduring Power of Attorney (EPA) is a crucial legal document where a principal appoints someone else (the attorney) to make significant decisions on their behalf concerning financial and personal matters. Both the principal and the attorney must be over 18 years old and possess decision-making capacity.
Before accepting to be appointed an attorney, you should thoroughly review the conditions, limitations, and the scope of decisions you are authorised to make on behalf of the principal. To ensure clarity and compliance with legal obligations, seeking legal advice before signing is strongly advised.
An EPA can take effect immediately upon signing or at a specified future date. In most cases, the power commences when the principal no longer has the requisite capacity to make decisions – either by way of age, illness or accident.
Regarding the authority granted, an attorney can sell a family home with or without the direction of the principal, provided there are no specific limitations in the EPA and the action aligns with the responsibilities and duties outlined in the Powers of Attorney Act (Vic) 2014.
These include:
1. Providing all practicable and appropriate support to honour the principal’s wishes.
2. Encouraging the principal’s involvement in decision-making, even if they lack decision-making capacity.
3. Acting in a manner that enhances the principal’s personal and social wellbeing, respecting their dignity, relationships, values, and confidential information.
4. Considering the needs of the principal’s dependants and the terms of their Will, where applicable.
When an attorney is required to make any significant decision, the attorney should seek legal advice to ensure that informed choices are made. This can help to mitigate any potential future concerns regarding an attorney’s care of the principal.
Finally, it is important to note that an EPA can be revoked by the principal at any time and ceases upon their passing.
If you are considering creating or have been appointed under an Enduring Power of Attorney and require legal guidance, please do not hesitate to contact our office. We are here to assist you throughout this process.
