Let’s talk about GPA, EPA and Making a Will

There are often some circumstances that require a third party to handle and execute our financial and personal matters in our lives. Therefore, we need to be very clear about which authorise methods to use under the circumstances.

A General Power of Attorney (GPA) is a formal agreement whereby one person (the “Principal”) appoints another person (the “attorney”) the power to make financial decisions on their behalf, but only if the principal still has capacity to make that decision for themselves (unless the GPA is given as security). GPA is only relate to financial matters and ends when the principal loses the capacity to make those decisions.

Why would someone make a GPA?

• They would like someone to handle their financial affairs while they are absent.
• When they are travelling overseas for an extended period of time and needed someone to handle their assets or paying bills.

An Enduring Power of Attorney (EPA), on the other hand, is able to make decisions about financial and personal matters for the principal while the principal has lost that capacity to make those decisions. You can choose the EPA to start making financial matters from a specific date, time or in particular circumstance or occasions, but the EPA can only start making personal matter decision when the principal no longer have the capacity to make those decisions.

Why would someone make an EPA?

• At some point in the future, a situation may arise where the adult is unable to make their own decisions about financial or personal matters. This might be because of an accident, a medical condition or a mental illness. An EPA allows them to appoint people they trust to make decisions for them if they are unable to. It is a legal document that can significantly affect their legal rights.

It is important when choosing your GPA or EPA, only appoint people you trust to look after your affairs.

A Will is a legal document that allows you to make your wishes known when you are no longer here. By having a Will, you are able to leave instructions for the distribution of your estate and you can name someone as the executor of your Will to carry out these instructions on your behalf.

Why would someone make a WILL?

• Choose who will take care of your minor children.
• Relieve the stress for your loved ones.
• Save your family money and time.
• Determine who will manage your estate.
• Decide who heritages your assets and property or not.
• Minimise the conflicts of family disputes.

Making a Will provides you with peace of mind, knowing that your wishes are respected after you pass away.

Whether you wish to make a Will or want to change, cancel or challenge a Will. Morrison Specter has a professional team of lawyers to provide the best professional assistance for your needs.