Are you worried about what will happen to your assets and properties should you become incapacitated? If so, then you need to set up an enduring power of attorney (EPA) as soon as possible to ease your concerns. An EPA, also known as “durable” power of attorney in some countries, is a document that grants another individual the right to handle certain financial or medical decisions on your behalf. So, if you’re looking to get a power of attorney, we’ll be able to help you with that. Follow this five-step guide to help you set up an enduring power of attorney and secure your wealth and future.
Step 1: Inform Your Agent
Discuss with your would-be agent or attorney-in-fact that you’d like to give him or her enduring power of attorney. Handling another person’s finances, property, and/or medical decisions is a significant task and responsibility to carry. You must explain to your would-be agent what may be required of him and make sure he’s aware of the duties and has accepted the task before you name him as your representative.
Step 2: Get the Necessary Forms
Obtain the necessary forms for awarding enduring power of attorney in your respective state. You can request these forms from a document preparation service. You can also have your attorney draft them for you.
Step 3: Fill Out the Forms Completely
Once you’ve obtained the forms, fill them out completely. Name your agents and any alternate individuals to handle your affairs if the current agent cannot do so. You’re not allowed to use one document as both a financial and medical power of attorney. Instead, you’ll need to execute two separate EPA documents.
Step 4: Specify a Time Frame
Specify a time frame for your document. The privileges of an enduring power of attorney generally go into effect immediately. But you can prevent this from occurring when you set a specific date that you want the document to take effect. You can also set a particular termination date if you wish to discontinue your EPA.
Step 5: Make a Checklist
Create a checklist of responsibilities, limitations, and rights that your enduring power of attorney should reflect. Review the document carefully; make sure that you included all of the necessary information. If you have an attorney, ask your attorney to review the power of attorney for any vague terms or stipulations that could cause confusion or misunderstanding in the future.
Congratulations! You’ve just created an enduring power of attorney document. For more information about it, talk to your lawyer today.