Enduring power of attorney (financial and personal matters)

When we think about planning for the future, many of us focus on what happens after we’re gone, such as our Will and inheritance. But it’s just as important to plan for what could happen during your lifetime if you’re ever unable to make decisions for yourself.

That’s where an Enduring Power of Attorney (Financial and Personal Matters) (“EPOA”) comes in.

What is an Enduring Power of Attorney?

An EPOA is a legal document that allows you to appoint someone you trust, known as your attorney, to make decisions on your behalf.

Unlike a General Power of Attorney, which stops if you lose decision-making capacity, an EPOA continues to operate, ensuring someone you trust can step in when you need them most.

The Two Key Areas of Authority
In Victoria, an EPOA can cover two main areas:

Financial Matters – decisions about your money and property, such as paying bills, managing bank accounts or investments, and selling or maintaining your home if needed.

Personal Matters – non-financial decisions about your daily life, such as where you live, who you live with, and the services or support you receive.

You can give your attorney authority for both areas or just one, depending on your needs and circumstances.

Choosing the Right Attorney
Selecting the right attorney is one of the most important parts of the process. It should be someone you deeply trust, often a family member, close friend, or professional advisor.

Your attorney must:

• Act in your best interests;

• Make decisions that reflect your wishes and values; and

• Keep your finances separate from their own.

You can appoint more than one attorney and decide whether they make decisions either together (jointly) or independently (severally) or by majority. 

When Does It Start?
You can choose when your attorney’s powers begin, either immediately after signing the document or only if you lose the ability to make decisions yourself.

This flexibility allows you to tailor the arrangement to your personal situation and level of comfort.

Why It Matters
Life can be unpredictable. Illness, injury, or age-related decline can affect anyone.

Without an EPOA in place, your loved ones may need to apply to the Victorian Civil and Administrative Tribunal for the authority to manage your affairs, a process that can be stressful, costly, and time-consuming.

Having a valid EPOA ensures your wishes are respected and that someone you’ve chosen, and trust can make decisions on your behalf.

How We Can Help
Creating an EPOA is an important legal step, and one that’s best done with professional guidance.

An estate planning lawyer can ensure your EPOA is correctly prepared, properly witnessed, and reflects your personal wishes.

At Wills and Succession Lawyers, we understand that making decisions about your future can feel overwhelming. We’re here to make the process simple, thoughtful and done correctly, every step of the way. Get in touch today to see how we can help.