Enduring Power of Attorney
If you wish to consider granting a Power of Attorney, our lawyers at Meikle Osgood in Edmonton, AB would be pleased to advise you concerning the details.
- You control who will make decisions about your financial and business affairs if you are unable to do so.
- You may be specific or general in giving direction about the handling of your affairs.
- It allows you to prepare for the possibility of your mental incapacity even if mental incapacity is temporary.
- It is less complicated and expensive then the alternative, which is an application to the Court for the appointment of a Trustee.
An enduring power of attorney allows you:
- To name a person to be your Attorney
- Adult Guardianship and Trusteeship Act
- To exclude anyone that you would not wish to be involved in managing your affairs
- To give instructions concerning financial decisions which may be required
- To define how the decision will be made as to when you lose the capacity to make decisions
- To decide whether the power may be exercised in order to benefit your spouse and infant children
A husband and wife may appoint each other as Attorneys to act in the event that either one becomes mentally incapable. They may also designate alternate Attorneys in the same way as they appoint each other as Personal Representatives with further alternates under a Will.
An ordinary Power of Attorney (vs. an Enduring Power of Attorney), whereby a person empowers another to handle their financial affairs, is also available. It can provide broad powers or narrowly defined powers, such as authority to sell certain real property. An ordinary Power of Attorney terminates if the person who gave the Power becomes mentally incompetent. Then the only method available to look after that person's affairs is by way of appointment of a Trustee and Guardian under the Adult and Trusteeship Act, which is a slower, more expensive, and more cumbersome process.
If you wish to consider granting a Power of Attorney, we would be pleased to advise you concerning the details.