Monaco Law 1474 came into effect on 2 July 2019 and introduced the enduring power of attorney (‘EPoA’) to the Monaco Civil Code. Under an EPoA an individual can appoint an attorney who will act on their behalf should they lose physical or mental capacity to administer their affairs.
General provisions
A similar regime has successfully operated in France for the last 10 years as an innovation to the system of guardianship and curatorship.
The Law enables any competent adult or minor with legal capacity, to appoint one or more individuals to act as an Attorney should the Donor lose capacity at some point in the future. Under the EPoA the Donor can set out provisions for the management of his interests and organise the management of the interest of their minor or major children in the event of the Donor’s death.
The capacity of the Donor is determined by a suitably qualified doctor, whose report will be submitted to the court following the procedure considered below.
Conditions to establish an EPoA
An EPoA must be signed by the Donor and Attorney before a notary, if not, it is ineffective. At any stage before the EPoA comes into effect the Donor can modify or revoke the EPoA by notifying the Attorney and the notary in writing. The Attorney also can decline to act by following the same procedure, at any time before the EPoA become effective.
The EPoA is subject to approval by the courts, which will review the medical report prepared by the doctor to confirm that the Donor has lost capacity. During the approval process the Donor can complete all administrative actions.
Powers granted to the attorney
The scope of the Attorney’s power is defined in the EPoA but any gifts will require the court’s prior approval.
The ensure the protection of the Donor throughout the administration, the court will supervise the Attorney’s actions and can ask the attorney to justify their action. At the start of the administration an inventory will be prepared of the Donor’s assets, which will be updated on a regular basis, and annual accounts detailing the Donor’s estate must be prepared and filed with the court.
While most Attorney’s will act without charge, provision can be made in the EPoA for payment of the Attorney and the reimbursement of payments made for the benefit of the estate.
Termination of EPoA
An EPoA will come to an end on the Donor’s death or recovery from incapacity or if the Attorney dies or loses capacity during his appointment. The court also has the power to revoke the EPoA in certain circumstances.
The Monaco EPoA offers a simple and fast means for an individual to prepare and provide for their further security and those of their family in advance of any problems arising and relieve their family of the burden of making arrangement following a loss of capacity.
For more information, please contact Guillaume Luce, Legal Consultant: g.luce@rosemont.mc
General provisions
A similar regime has successfully operated in France for the last 10 years as an innovation to the system of guardianship and curatorship.
The Law enables any competent adult or minor with legal capacity, to appoint one or more individuals to act as an Attorney should the Donor lose capacity at some point in the future. Under the EPoA the Donor can set out provisions for the management of his interests and organise the management of the interest of their minor or major children in the event of the Donor’s death.
The capacity of the Donor is determined by a suitably qualified doctor, whose report will be submitted to the court following the procedure considered below.
Conditions to establish an EPoA
An EPoA must be signed by the Donor and Attorney before a notary, if not, it is ineffective. At any stage before the EPoA comes into effect the Donor can modify or revoke the EPoA by notifying the Attorney and the notary in writing. The Attorney also can decline to act by following the same procedure, at any time before the EPoA become effective.
The EPoA is subject to approval by the courts, which will review the medical report prepared by the doctor to confirm that the Donor has lost capacity. During the approval process the Donor can complete all administrative actions.
Powers granted to the attorney
The scope of the Attorney’s power is defined in the EPoA but any gifts will require the court’s prior approval.
The ensure the protection of the Donor throughout the administration, the court will supervise the Attorney’s actions and can ask the attorney to justify their action. At the start of the administration an inventory will be prepared of the Donor’s assets, which will be updated on a regular basis, and annual accounts detailing the Donor’s estate must be prepared and filed with the court.
While most Attorney’s will act without charge, provision can be made in the EPoA for payment of the Attorney and the reimbursement of payments made for the benefit of the estate.
Termination of EPoA
An EPoA will come to an end on the Donor’s death or recovery from incapacity or if the Attorney dies or loses capacity during his appointment. The court also has the power to revoke the EPoA in certain circumstances.
The Monaco EPoA offers a simple and fast means for an individual to prepare and provide for their further security and those of their family in advance of any problems arising and relieve their family of the burden of making arrangement following a loss of capacity.
For more information, please contact Guillaume Luce, Legal Consultant: g.luce@rosemont.mc