A lasting power of attorney (EPA) is considered to be among the top crucial legal documents you'll ever make during your lifetime, together with your will. Anyone who has assets whatsoever or who is older than 40 years of age must have one will to create.
But there are lots of people who don't know what is an enduring power of attorney (EPA)? and how they will create it. The enduring power of attorney starts from the 1988 protection of personal and property rights act. It is a crucial asset protection tool and estate planning tool that can be compared similarly to an insurance contract because it's among those forms that you wish would just sit in the dust and not be required.
The EPA's are available in two forms. They are the first type to provide personal care and welfare and you are able to have only one attorney per day to serve this purpose. Clearly, in the event that you are mentally competent, this kind of permanent power cannot be used.
The second EPA is one for property-related purposes. You can have more than one attorney if you'd like. In this context, by property, it is all the real and personal property that you have. The power of attorney for a property could be used as an overall power of attorney should you want to ensure that the chosen attorney will be able to act upon your instructions anytime.