A Power of Attorney is a legal document where you authorize someone else to act on your behalf in regards to your financial affairs. This authority can specifically include or exclude certain areas of interest, such as personal property, real estate, banking, insurance etc. People typically use Powers of Attorney to designate someone they trust to handle their financial affairs while they are out of the country or to manage their affairs if they get sick.
If you lose capacity without a power of attorney in place, your loved ones may have to apply to court to be appointed your committee of estate. Committeeship is an expensive and tedious process.
Traditionally, the authority in a Power of Attorney automatically ends when when the person giving it becomes medically incapable of managing their financial affairs. However, you can choose to have one of these other forms of Power of Attorney instead:
- “Enduring” which means it will be effective at the time of signing the document and continue despite any subsequent incapacity; or
- “Springing” which typically means that it will only come into effect at the time that capacity is lost.
Prior to creating the document, Westcoast Wills & Estates will provide you with legal advice that will enable you to choose the type of Power of Attorney that will best suit your needs – all at a reasonable price.