An Enduring Power of Attorney
Here at Fletcher Law, we understand that planning for the future can be stressful. One of the biggest challenges that people face is the declining health of a loved one, and how to help them by managing their finances. You've most likely heard the term, but we're here to clear things up.
First off - if your loved one has a Power of Attorney but you're confused as to what you can or can not do, give us a call and we're happy to review it for you.
What is an Enduring Power of Attorney (POA)?
There is some confusion about the term “attorney”. In Canada, “attorney” means a person that has been appointed under a power of attorney document and not a lawyer, which is a term used in the United States.
An enduring power of attorney (EPA) is a legal document where a person(the “donor”) appoints another person to act as their attorney in the event that they become incapacitated. They can typically do the following things:
Deal with property, such as signing a transfer of land;
Handle or make investment decisions;
Handle a bank account and potential payments
Make (or not make) an election under the Income Tax Act;
Exercise authority for maintenance, education, or benefit of a spouse or children;
Make charitable donations;
Provide gifts to family members; and
Appoint or employ agents as needed
Essentially, the EPA allows for the attorney to manage the affairs of a person from the time that they are incapacitated until they pass away. Once a person dies, the EPA becomes invalid and the person's Will becomes effective.
What is “incapacity”?
Incapacity means that a person is unable to understand information relevant to making a decision. An incapacitated person lacks the ability to understand their decision-making and can’t see the foreseeable consequences of their decisions.
How Fletcher Law can help you!
An enduring power of attorney is a document with serious implications. It is important that you understand the full effect of the power you are giving to an attorney; or taking on as attorney if asked by a family member or friend. We’re here not only to draft your enduring power of attorney but to make sure you have peace of mind in understanding the process and the comfort of having one prepared.
To learn more about a Power of Attorney, please contact Attila Nadori at 403-452-4060 ext 224 or firstname.lastname@example.org.