enduring power of attorney Hong Kong

All About EPA And Important Reasons Why You Would Need One

If you are worried about what will happen to everything that you own and to everyone that you care about because of the situation that you are in, then you need an enduring power of attorney Hong Kong for this matter. It is very important that someone should be able to do decisions on behalf of you if you are unable to do so. But before you proceed, here are the most important things that you need to know about EPA and the reasons why you need to get one soon.

Enduring Power Of Attorney

The Enduring Power of Attorney or also called EPA is quite similar to the Power of Attorney that you know of. The regular power of attorney is a document that will appoint the person you choose to act on your behalf in case you are not able to take care of your own affairs for a certain period of time but you still have the capacity to do so if you are present. The Enduring Power of Attorney, on the other hand, works specifically if you do not have the capacity to make decisions.

Why Do You Need An EPA?

Ensuring that your EPA is correctly drafted when writing a will HK will give you peace of mind that even if something bad happens to you, your best interests are well taken care of. The EPA will state who you chose to make the decision, what decisions should be made, and what to be considered when making these decisions. It will also include the limitations in making these decisions and also when they can start to make these decisions for you.

EPA can apply to properties, legal, as well as your financial affairs. Other than that, EPA also means that the person you have appointed will make the decisions the way you would want them to be made.

enduring power of attorney Hong Kong

How To Choose An EPA

Now that you know why it is very important to have an EPA, you need to learn next how to choose the right person for this. Once they exercise their authority, they will end up to play a very important part in your life. The person that you appointed will be someone that you trust. This person will be obliged to act in your best interests and also within the scope of their authority. They should have the confidence that they understand these obligations by heart.

So think thoroughly about your choice. Whoever you pick will be the one who will make the most important decisions for you in the future. So appoint someone who believes and understands your wishes. He or she should also have the skills in managing your finances as well as your legal affairs according to how you want it done.

Enduring Power Of Attorney – Do I Need One Now?

So when do you exactly need to have an EPA? Do you need to have one now? Or maybe later on in life? According to experts, you can prepare your EPA anytime you want. You should also indicate when would you like the authority to start. This can be from the moment your attorney has accepted this appointment when the medical practitioner determines that you are no longer capable of managing your legal and personal affairs, or can be at other nominated time.

Now, remember that if you pass away, the EPA stops operating. From this point, the executor of your will is the one who is responsible when it comes to your estate.