Most people delay EPAs. They think it's for "when I'm older" or "if something happens." The truth is simpler: accidents and illness don't check your age. Setting up EPAs now means your family never has to wonder what you'd want.
The gap in your planning
Your will takes effect when you die. But what if you lose capacity while still alive? A stroke, dementia, an accident, even a temporary medical crisis can leave you unable to manage your own affairs.
Without an EPA, your family would need to apply to the Court for the authority to act on your behalf. This process is slow, expensive, and stressful. Exactly what you don't need during a health crisis. Furthermore, it creates annual reporting obligations to people who don't know you.
"We see families every month who are struggling because their loved one didn't have EPAs in place. The legal process to get authority can take months, during which bills go unpaid and decisions can't be made."
Two types of EPA
New Zealand law provides for two separate EPAs, each covering a different type of decision:
Financial decisions: bank accounts, real estate, investments, paying bills etc.
Health and lifestyle: medical treatment, living arrangements, daily care
You can appoint the same person for both, or different people depending on their strengths. We'll help you think through what makes sense for your situation.
When EPAs take effect
Your Personal Care and Welfare EPA can only operate when you've lost mental capacity. But your Property EPA can work differently:
- While you have capacity: Your attorney can act alongside you, useful if you are overseas or unwell but still competent
- Only when you lose capacity: More restrictive, only comes into force when a medical professional certifies you've lost capacity
Ready to set up your EPAs? Call us on 06 835 7394.
What we do at this stage
We explain both types of EPA and help you understand why EPAs matter at any age. We answer your questions and help you feel comfortable with the process ahead.