Things to consider when preparing a Power of Attorney
A Power of Attorney (“POA”) in Alberta allow someone else to act on your behalf who has been appointed to act on your behalf. In Alberta – POA’s are legal documents and the individual named to act as a Power of Attorney is liable for the actions they have been instructed to carry out.
Types of Power of Attorneys in Alberta
There are various types of POAs in Alberta. Each situation is unique though and we recommend you speak with an Alberta wills and estates lawyer to see which type of POA is best suited for your legal situation. Contact our law office if you need assistance with your POA by dialing 587-410-2500.
- General Power of Attorney: This type of POA generally has minimal restrictions and allows the appointed POA to make a wide range of decision on your behalf. While this type of POA has minimal restrictions – there are restrictions that prohibit your POA from doing certain things
- Enduring Power of Attorney: This type of POA allows an individual to take over financial decisions on your behalf while you are still alive. For example, if you are mentally incapable of making decisions or are in a coma. It is different than other POAs
- Specific Power of Attorney: A Specific Power of Attorney lists out what a person is authorized to make decisions on. A lawyer would recommend you use this type of POA if there are only certain things you need someone to make a decision on, as opposed to wide ranging powers.
- Durable Power of Attorney: This type of POA does not come into effect until a person has lost their capacity or ability to make decisions. While this type of POA is very similar to an Enduring POA – the legal language and abilities of both these types of POA make them very different. Speak with a lawyer to see which one is most suitable for your situation.
What are the benefits of a Power of Attorney?
There are many advantages of having a POA to handle your estate affairs. We recommend that you spend a great deal of time selecting someone whom you trust implicitly. This person should be someone who will have the best interests of you and your estate as a priority when making decisions on your behalf. Here is a list of things a POA can handle on your behalf. While this list is not exhaustive – we recommend you consult with a wills and estates lawyer for more specific legal advice.
Things a POA Can Handle On Your Behalf:
- manage your financial assets
- manage other physical assets such as vehicles, furniture, jewelry, arts, antiques, etc.
- manage non-physical assets such as bank accounts, stocks, mutual funds, bonds, cash, other investments and pension benefits
- submitting tax returns, paying bills, renewing or changing investments, paying your medical bills, taxes and other outstanding financial obligations
- hire services to help you such as lawyers, accountants and others
- pay costs for personal decisions made under your personal directives
- deal with your business interests or investments
- Make medical decisions on your behalf
- And more
Things to Consider When Selecting a Power Of Attorney
When selecting a POA – make sure that you trust that person implicitly. We recommend the POA you choose has experience in handling estates and assets. The person should also agree to act on your behalf – so we recommend you speak with them before you appoint them as a POA.
Contact Our Edmonton Wills and Estates Lawyers Today
Verhaeghe Law Office has physical offices in Whitecourt, Athabasca and Edmonton allowing our lawyers to service clients from different parts of Alberta. If you require legal assistance from an Alberta wills and estates lawyer – contact our law firm today by dialing 587-410-2500 today. Our wills and estates lawyers are on standby and would be pleased to assist you with your legal needs.
Disclaimer: Please note the advice contained in this article does not constitute legal advice and is only intended to act as a general overview on the topic at hand. Each legal situation is unique and we recommend you speak with a wills and estates lawyer from Alberta if you need legal assistance regarding a wills and estate matter.