Enduring Power of AttorneyEdmonton Enduring Power of Attorney
An Enduring Power of Attorney is the legal decision-making document allows you to select one or more persons you trust to look after your money matters such as banking, house or property if you are not able to make those decisions for yourself due to loss of capacity.
A Power of Attorney is a document in which one person (the donor) appoints another person (the attorney) to act for him or her. There are many reasons why you might want to appoint someone else to look after your financial affairs.
For example, if you are going to be out of the country for a lengthy period of time, you might want someone to do your banking while you are gone. If you are approaching old age, you may want to give a Power of Attorney to a person you trust so that he or she can manage your property for you.
An Ordinary Power of Attorney is only valid as long as the donor is capable of acting for him or herself. If the donor becomes mentally incompetent (loses capacity), the ordinary Power of Attorney ends.
An Enduring Power of Attorney remains valid even if the donor later becomes mentally incompetent. The donor must be competent at the time an enduring Power of Attorney is made.
In either case, the Power of Attorney becomes invalid when the donor dies. A Power of Attorney cannot be used to bequeath property upon the death of the donor.
What is meant by “incapacitated”?
A person is incapable of managing property if the individual is unable to understand information relevant to making a decision about the management of assets, or if the person cannot appreciate the foreseeable consequences of making (or not making) a decision about the management of assets.
What is a Springing Power of Attorney?
By choosing to create a Springing Power of Attorney, you are ensuring that the document will not come into legal effect until the date or event you have specified has occurred.
Generally speaking, a Power of Attorney is effective as soon as it is executed (signed and witnessed, etc.) whether or not the principal is available or able to handle his or her own affairs. However, the document might specify that it will only be effective under certain conditions.
For example, some Power of Attorneys specifies that they will not come into effect unless and until the principal has become mentally incompetent to handle his or her finances.
We can walk you through this Advance Care Planning to help you about and document wishes for health care. If you wish to prepare your Enduring Power of Attorney please book the appointment.