An enduring power of attorney (EPA) is a legal document that allows one person to authorize another person to make decisions on their behalf in the event that they cannot do so themselves. An EPA can be created for any purpose, including health care, financial management, and estate planning.
The key element of an EPA is the appointment of a durable agent, or proxy, who will act on the client’s behalf if he or she becomes incapacitated. The agent must be someone you trust and have a good relationship with; you cannot appoint your attorney or family member as your proxy.
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You will need to complete a form called an EPA affidavit, which lists the names of the durable agent(s), the date of appointment, and other information. The form should also be filed with the local probate court.
If you are considering appointing an enduring power of attorney (EPA), there are many benefits to consider. An EPA can provide legal authority and responsibility for your care and finances if you cannot do so yourself. Here are a few key reasons why you may want to appoint an EPA:
An EPA can help ensure that your wishes about medical care and financial decisions are followed should you become incapacitated.
An EPA can act as a legal guardian for your children or other loved ones in case of your incapacity.
Some states require individuals over the age of 55 to appoint an EPA in order to avoid probate estates. If this is something that interests you, it is important to discuss it with a lawyer who is familiar with estate planning laws in your state.