Estate planning is the key to protecting your assets for the benefit of your descendants. It also gives a detailed inventory of what you own and do not own. An estate plan also permits you to appoint fiduciaries to carry out your estate plan if you are incapable of doing so.
This representative could serve as your will’s executioner, trustee for your assets, legal protector for your family, or authorized agent or power of attorney if you become incapable. Make sure your fiduciaries understand their roles, accept them, and are informed of where your original estate planning documentation is located.
In the previous article, we talked about the joint ownership technique in estate planning matters and how it can turn out to be a whirlwind in the later stages of life.
This blog article is going to discuss another way of securing your assets while making a decent estate plan and that is the selection of Enduring Power of Attorney (EPA). The blog will highlight the importance of EPA as protecting and meeting the future needs of loved ones as a top priority in estate management.
What Is Enduring Power Of Attorney?
The concept of a general power of Attorney and Enduring Power of Attorney is often confused by the masses. It is pertinent to note that EPA has a far-reaching scope as opposed to the general power of attorney.
Why Go For EPA?
An EPA is a legal document through which you can empower another individual, also called an “Agent” or “Representative” to look after and manage all your financial and managerial affairs even after you lose competency. This is the reason EPA is also called continuing power of attorney.
The general power of attorney differs from EPA as its effect ends if the grantor becomes incapacitated. On the contrary, EPA allows the agent to continue looking after the affairs in the event of incapacity or any misfortunate episode that the grantor may face.
An EPA is typically helpful if you opt for it before becoming incapacitated or infirm with regard to estate management. One of the common reasons people go for EPA is that it does not influence the ownership as compared to the joint ownership strategy which compromises the discretion of a person pertaining to the distribution of assets.
Although the attorney has the power to administer estates, sell them, create fresh investments, etc., everything still belongs to the actual owner.
Additionally, the attorney holds a fiduciary duty to the original owner, which requires that the assets be maintained exclusively for that person’s advantage.
Conclusively, EPA is substantially a safer option for estate management as it prevents the ownership of assets from going into question and assets will be dispersed solely according to the description of the owner’s will. Oftentimes, people choose multiple attorneys through EPA which is what we usually do not recommend.
Contact The Lawyers At Ayaz Mehdi Professional Corporation
Power of Attorney can inevitably fade away a great deal of fuss while formulating an estate plan. The attorneys at Ayaz Mehdi Professional Corporation are available to provide up-to-date legal assistance in estate planning matters within the parameters of governing laws so that you are able to reflect on your end-of-life choices.
Disclaimer: Kindly note that sending or receiving information through this site does not establish a solicitor-client relationship. Legal matters are fact-specific, and the law is variably changing. The views expressed and the content provided on this blog are general guidelines and cannot substitute for proper legal advice. Schedule your legal consultation by clicking here: Let’s meet!