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When you are still alive but lose the ability to manage your finances
Life is unpredictable. If we lose mental capacity due to any reason such as dementia, stroke, traumatic brain injury, or other illnesses, even our closest family members or partners will have no legal right to manage or access our assets. This means essential expenses such as medical bills, mortgage payments, or pet care may become impossible to arrange, potentially placing those who rely on us financially in a difficult situation.
An Enduring Power of Attorney (EPA) is a legally binding document that allows you to appoint a trusted person while you still have mental capacity. This person will be authorized to manage your assets should you lose mental capacity. It helps protect the financial well-being of your loved ones, including your partner, family members, and pets, and also safeguards your own interests. For example, you may authorize your attorney to use your assets to pay for your medical expenses, hire a caregiver, or repay your mortgage, preventing situations where a bank might demand immediate repayment due to default.
Legally Valid and Tailored to Your Needs
An EPA is a legal tool that safeguards your ability to maintain order in your personal and financial affairs even after losing mental capacity. We work with experienced and inclusive law firms to draft legally binding EPAs that reflect your specific needs. The contents can be flexibly customized, for example, limiting authority to specific assets or adding conditions and restrictions, ensuring you retain control even in the face of unexpected changes.
Proper Legal Procedures Handled with Care
For an EPA to be legally valid, it must be witnessed by a solicitor and registered with the High Court. The entire process will be carried out by reputable law firms to ensure your EPA is drafted and executed properly, minimizing risks of invalidity or disputes.
Mental Capacity Assessment
Under the law, an EPA must be certified by a registered medical practitioner in Hong Kong to confirm the donor’s mental capacity at the time of signing. Alongside will arrange a suitable doctor to conduct the mental capacity assessment and act as a witness, offering a streamlined process at a more reasonable cost than arranging independently.
Respecting Your Choice of Relationships
Whether you wish to appoint a partner, friend, or a non-traditional family member as your attorney, we support your decision with respect and without bias. We understand that every relationship deserves recognition and dignity.
Our Fees
We will refer our clients to inclusive and gender-friendly law firms to assist in drafting their Enduring Powers of Attorney (EPA), with access to exclusive discounts. Alongside will also arrange a suitable registered medical practitioner to serve as the witness for the execution of the EPA.
From HKD 10,000
FAQ
Who should consider making an EPA?
Anyone aged 18 or above who is mentally capable can make an EPA. Everyone should consider setting one up to ensure that, their assets can still be managed according to their wishes in the event they lose mental capacity.
What can an attorney handle under an EPA? Can they make medical decisions for me?
An EPA authorizes the attorney to manage financial and property matters, such as handling bank accounts, paying for daily expenses, or managing real estate. However, an EPA does not cover medical decisions or post-death arrangements. If you wish to set out your medical preferences, you may consider making an Advance Medical Directive (AMD) in parallel.
Creating a will requires testamentary capacity. The earlier you make arrangements, the more likely you can ensure your wishes are clearly expressed and properly recorded.
We also understand that needs and perspectives change over time. If you choose to make your will with Alongside, we offer discounted rates for future updates, allowing you to create a new will as your life circumstances evolve.
How is an EPA different from a general power of attorney?
A general power of attorney becomes invalid once the donor loses mental capacity, whereas an Enduring Power of Attorney remains effective even after the donor becomes mentally incapable, ensuring someone you trust can continue managing your financial affairs when it matters most.
I’m worried the attorney might misuse my assets after signing an EPA. What can I do?
There are multiple safeguards and mechanisms in place to regulate and limit the attorney’s powers, including:
- Legal duties of care – The law requires the attorney to act in a fiduciary capacity and always in the best interests of the donor.
- Appointing multiple attorneys – You may appoint more than one attorney, allowing them to monitor each other’s actions.
- Customizing powers and conditions – You can restrict the attorney’s authority, such as limiting them to manage only specific assets or specifying that the EPA only takes effect after you lose mental capacity.
- Notice before registration – You may require the attorney to notify you, any co-attorneys not involved in the registration, or other named individuals before applying to the High Court for registration. This ensures the process is not carried out unilaterally.
- Right to revoke – You may revoke the EPA at any time if you regain mental capacity.
For more details, you may consult our partner law firms at Alongside.
Questions?
We are eager to hear from you and provide any assistance you may need. We look forward to connecting with you soon!