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The Enduring Power of Attorney[1](“EPOA”), is an essential estate planning tool available in The Bahamas that is often overlooked. In the latest Legal Update, GT News & Insights Volume 2, Issue 2, GrahamThompson Partner Theo Burrows and Pupil Attorney Alexandria Newton, discuss the“Enduring Power of Attorney”in a piece that provides comprehensive responses to some of the most frequently asked questions.
The authors explain “an EPOA is important as it provides you (the “donor”) with the freedom to appoint any one or more suitable persons (such as family members or friends) (the “donee”) to make property and financial decisions on the donor’s behalf in the event of the donor’s inability to manage his or her property and affairs, whether due to an unforeseen sickness or mental incapacity[2].” The publication addresses eight of the uppermost concerns expressed by clients, providing cogent insights on each, in a Frequently Asked Questions (FAQ) styled format.
GT NEWS & INSIGHTS VOL 2, Issue 2
THE ENDURING POWER OF ATTORNEY
An essential estate planning tool available in The Bahamas that is often overlooked is the Enduring Power of Attorney1 (“EPOA”). An EPOA is important as it provides you (the “donor”) with the freedom to appoint any one or more suitable persons (such as family members or friends) (the “donee”) to make property and financial decisions on the donor’s behalf in the event of the donor’s inability to manage his or her property and affairs, whether due to an unforeseen sickness or mental incapacity2.
We provide answers to eight frequently asked questions from our clients with respect to EPOAs.
Question 1: What is an EPOA?
Answer: An EPOA is a legal document where the donor grants to the donee the power to make decisions as it relates to the management and administration of the donor’s property and affairs3.
Question 2: Can a donor appoint more than one donee?
Answer: A donor can appoint more than one donee. If there are multiple donees, the donor must specify how such donees are able to act, whether:
- jointly (i.e., they must all act together and cannot act separately);
- jointly and severally (i.e., they can all act together but can also act separately); or
- severally (i.e., they can all act separately)...
To continue reading, download the full publication here, The Enduring Power of Attorney.
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