- Publish Date
- Friday, 6 January 2017, 10:47AM
- By Charlotte Lockhart
Recent research shows that only 36% of New Zealanders have an EPA and that 66% feel that having one is important. The likelihood of New Zealanders having an EPA increases with age, however it is important to factor in the unknown from a young age.
An EPA helps protect against unforeseen circumstances by allowing an individual or organisation, referred to as an ‘attorney’, to act on your behalf, if necessary. There are two types of EPA, and these should usually be set up at the same time as your Will.
A Property EPA will help you manage your financial affairs to ensure your property is taken care of, your bills are paid and investments are managed. If you become ill and cannot look after your own property matters, without an EPA in place, it falls to your family to apply to the Court for an order to appoint a property manager. This process can be long, arduous and expensive.
For a Personal Care and Welfare EPA, it is common to appoint a close friend or family member as an ‘attorney to make important decisions with regard to your care and well-being in the event you become too ill to take care of yourself. These decisions range form of medical decisions, accommodation arrangements, and other personal needs.
New Zealanders live active lives and are keen property owners, so the protection of an EPA ensures that you have already arranged for a trusted person to act on your behalf should you become unable to do so yourself.
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