Empowering Your Future: Why you need an Enduring Power Of Attorney
At Clear Title Law, where we believe in empowering our clients to make informed decisions about their future. An Enduring Power of Attorney (EPA) is just one peice of your estate plan and the legal framework to ensure that you can navigate life’s uncertainties with confidence.
Enduring Power of Attorney: An Overview
An Enduring Power of Attorney is a legal document that grants authority to a trusted individual, known as the “attorney” to manage your financial and legal affairs in the event you become incapable of doing so yourself. This powerful tool provides peace of mind, ensuring that your wishes are upheld even if you are unable to express them. A Power of Attorney can become effective immediately upon signing, or upon the happening of a specific event.
Springing Enduring Power of Attorney: Activated by Incapacity
A “Springing” EPA refers to the document taking effect only when the individual granting the power (the donor) becomes mentally or physically incapable of managing their affairs. Until such incapacity is confirmed by medical or legal professionals, the appointed attorney has no authority.
Immediate Enduring Power of Attorney: Activated Upon Execution
Conversely, an “immediate” EPA comes into effect as soon as it is executed, granting the appointed attorney immediate authority to act on behalf of the donor with respect to to those powers that are granted in the EPA. This can help streamline financial transactions or legal matters without further verification steps. There is no requirement that the donor lack mental or physical capacity to act for themselves. The EPA remains in effect until such time as the authority is withdrawn, and if not withdrawn, then indefinitely.
What Clear Title Law can do for you?
Our legal team specializes in comprehensive estate planning, including drafting EPAs which are tailored to your unique and specific needs in the event of incapacity or for such other purposes as you may need. We understand the importance of this tool in safeguarding your future, and our team is dedicated to providing the guidance and expertise needed to navigate this essential aspect of your estate plan. Whether you are updating a current estate plan, or just starting one, Clear Title Law can assist you with all of your estate planning needs. Contact us today to find out more.
