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POST LOCKDOWN TRAVEL: Why you need an Enduring Power of Attorney

Before Josephine left to spend two years in Paris, she granted her parents an Enduring Power of Attorney (EPOA) so they could look after things like her unit, car and bank account.

Many people think that an EPOA is something only elderly people do when they lose the capacity to make financial and legal decisions. But as Josephine found out, it can be very handy for people travelling overseas too.

While Josephine was enjoying her new life in France, her parents were able to sell her car and find a real estate agent to rent out her unit – All on her behalf.

When it was time to come home to Australia Josephine’s dad was able to arrange for the tenant to move out from her unit, order furniture and purchase a new car using funds fromJosephine’s bank account… All without her lifting a finger.

Sure, online services make it possible to manage finances and sort out contracts from anywhere in the world, but who’s got time for that when you’re enjoying yourself on an overseas adventure of a lifetime!

And what if the worst was to happen and you found yourself suddenly incapacitated?

How to organise Enduring Power of Attorney

The attorney or attorneys will have considerable power over your affairs, so it is important to choose wisely.

Whoever you choose should be capable of managing legal, financial and taxation matters. So you should choose someone who has your best interests at heart and who is willing to seek appropriate advice when it’s needed.

When appointing an attorney, take a look at how they manage their own affairs. So if the person has large financial debts, a substance addiction or a gambling problem, they are probably not the best choice.

If you are appointing more than one person as your attorney, you should also consider their relationship with each other and whether they can act amicably.

If you feel that there is no one suitable you can trust, you can appoint a professional such as NSW Trustee & Guardian as your attorney.

Planning a post lockdown trip?

We’re now living in a covid world. So now more than ever it’s important to make sure you’re properly planning for yourpost lockdown trip.

In the same way you buy a travel insurance policy to safeguard against unforeseen situations whilst you’re away, an EPOA can give you peace of mind that if you were unable to make important decisions for yourself, someone you trust, that you chose, would be able to.

To make an EPOA or update an existing one, talk to professional consultants who can help you plan ahead. Find out more by visiting tag.nsw.gov.au/epoa