How Often Should You Review Your EPOA?
An Enduring Power of Attorney (EPOA) is one of the most important future planning documents many Australians will ever create.
It allows someone you trust to manage certain financial and legal matters on your behalf if you lose the ability to make those decisions yourself.
However, creating an EPOA is not something you should simply sign and forget about.
Life changes over time. Relationships change. Financial circumstances change. The person you appointed may no longer be the best person for the role.
Regular reviews can help ensure your EPOA continues to reflect your wishes and remains suitable for your circumstances.
In this guide, we explain how often Australians should review their EPOA, why reviews are important and what situations may indicate it is time for an update.
Why Reviewing Your EPOA Matters
An attorney may be responsible for managing important financial and legal matters if you lose decision-making capacity.
If your circumstances have changed since creating the document, your original arrangements may no longer be suitable.
A regular review can help ensure:
- Your attorney is still the right person.
- Your wishes are still reflected.
- Your financial circumstances are considered.
- Your family understands your arrangements.
- Your planning documents continue to work together.
A review can also provide peace of mind that your future planning remains current.
How Often Should You Review Your EPOA?
Many people choose to review their Enduring Power of Attorney every three to five years.
This does not mean changes are always required.
In many cases, the review simply confirms that your attorney remains suitable and your arrangements still reflect your wishes.
Think of it as a routine check-up for one of your most important planning documents.
When Should You Review It Earlier?
Some life events may justify reviewing your EPOA sooner than planned.
Changes In Family Relationships
Marriage, separation, divorce, family conflict or the death of a loved one may affect who you want managing your affairs.
If your relationship with your attorney has changed significantly, it may be worth reviewing your arrangements.
Changes In Financial Circumstances
Major changes to property ownership, investments, business interests or other financial matters may prompt a review.
The person managing your affairs should be someone capable of handling your current circumstances.
Your Attorney’s Circumstances Change
The person you appointed may move interstate, become unwell, retire, become unavailable or no longer wish to act.
Regular reviews can help identify these issues before they create problems.
A Serious Health Event
A diagnosis such as dementia, Parkinson’s disease, stroke or another serious illness may be a reminder to review all future planning documents.
Reviewing documents early can help ensure everything is organised while you still have the opportunity to make decisions.
Moving Interstate
Power of Attorney laws vary between Australian states and territories.
If you move interstate, it may be worth checking whether your documents remain appropriate.
Reviewing Your Other Planning Documents At The Same Time
Many people review their EPOA alongside:
- Their will.
- Their Enduring Guardianship documents.
- Their Advance Care Directive.
- Superannuation beneficiary nominations.
- Other estate planning arrangements.
Reviewing these documents together can help ensure they continue to work effectively as part of an overall future planning strategy.
What Should You Consider During A Review?
You may wish to ask yourself:
- Is my attorney still the right person?
- Does my attorney understand my wishes?
- Are they still willing to act?
- Have my financial circumstances changed?
- Do my planning documents still work together?
- Do the right people know where the documents are stored?
A review does not need to become a major legal project.
Often it is simply an opportunity to confirm everything still makes sense.
Should You Tell Your Attorney After A Review?
Yes, it is usually helpful to keep your attorney informed.
If nothing has changed, a simple conversation can confirm they still understand the role and remain willing to act.
If changes have been made, it is important that outdated copies are not accidentally relied upon in the future.
Clear communication can help avoid confusion later.
Real-Life Example
David appointed his brother as his attorney more than ten years ago.
At the time, his brother lived nearby and regularly helped with financial matters.
Over the years, his brother moved interstate and became less involved in David’s day-to-day life.
Meanwhile, David’s daughter became more involved in helping with appointments, paperwork and future planning.
During a routine review of his planning documents, David realised his arrangements no longer reflected his current circumstances.
Because he reviewed his documents before a crisis occurred, he had the opportunity to update them while he was still able to do so.
What Happens If You Never Review Your EPOA?
An outdated EPOA may still exist, but it may no longer reflect your current life.
The person appointed years ago may no longer be available, suitable or willing to act.
This can create confusion and unnecessary stress during difficult situations.
Regular reviews help reduce the risk of problems arising when the document is eventually needed.
Frequently Asked Questions
Do I need to review my EPOA every year?
Not usually. Many people review their EPOA every three to five years or after major life events.
Can I change my attorney after reviewing my EPOA?
In many situations, yes, provided you still have the legal capacity to make those decisions. Rules vary between jurisdictions.
Should I review my EPOA after moving interstate?
Yes. Power of Attorney laws vary between Australian states and territories, so a review may be worthwhile.
Should my attorney have a copy of the document?
Many people choose to provide a copy or explain where the document is stored. This can help avoid delays if the document is needed.
Should I review my EPOA when updating my will?
Many people review all future planning documents together to ensure they continue to work effectively.
Sources
- Moneysmart – Australian Securities and Investments Commission (ASIC)
- Office of the Public Advocate Victoria
- Office of the Public Advocate South Australia
- Legal Aid NSW
- Queensland Government – Power of Attorney Information
Related Resources
- What Is An Enduring Power Of Attorney?
- Can You Change An Enduring Power Of Attorney?
- What Decisions Can An Enduring Power Of Attorney Make?
- Who Should You Appoint As Your Attorney?
- What Happens If You Don’t Have An EPOA?
- POA vs EPOA
- What Is Estate Planning?
- Free Aged Care Tools
Disclaimer
This article provides general information only and is not legal advice. Enduring Power of Attorney laws vary between Australian states and territories. Professional legal advice should be obtained before creating, changing or relying on legal documents.