Many families in Edmonton and Alberta find themselves worrying about the best way to care for their parents as they age. From managing everyday finances to making important health care decisions, responsibilities often get heavier as your loved ones age and require more support.
One tool that can bring peace of mind to both parents and their adult children is a Power of Attorney (POA). In Alberta, a comprehensive POA can help you make sure that your parents’ financial and legal matters are handled responsibly if they become unable to manage these tasks on their own.
At Verhaeghe Law, our experienced Edmonton Power of Attorney lawyers are ready to help your family take control of their future. Whether you have questions about the benefits of a POA or you’re ready to get started creating one, we’re here to assist. To schedule a consultation to discuss your legal options, contact our team today.
What is a Power of Attorney (POA)?
A Power of Attorney (POA) is a legal document where one person (the “donor” or “grantor”) designates another individual (the “attorney”) to manage their financial and legal affairs. Depending on how the document is set up, it can come into effect immediately or only under certain circumstances, such as when the donor becomes mentally incapacitated.
In Alberta, there are several different types of POA you can create. These include:
- General Power of Attorney: A general POA grants broad authority to an attorney to manage a donor’s financial and legal matters, typically for a specific time frame or purpose. For example, a general POA can be used to grant an attorney the authority to manage a donor’s day-to-day affairs. It will become invalid if the donor loses their mental capacity at any point.
- Enduring Power of Attorney (EPA): An enduring power of attorney remains valid even if the donor becomes mentally incapacitated. This is often a popular type of POA for aging parents who want to make sure their affairs are managed appropriately as they get older.
- Specific or Limited Power of Attorney: This type of POA is used for particular transactions or limited periods. For example, if the donor would like an attorney to sell a house for them while they’re overseas. Once the specific task or time frame is complete, the POA automatically expires.
For aging parents, granting one of these forms of POA to a trustworthy adult child or family member can be incredibly useful. It can help them maintain a sense of independence while also making sure that someone they know and trust is prepared to act on their behalf when unexpected circumstances arise.
Why a Power of Attorney Matters for Aging Parents
When it comes to your parents, you can never take too many precautions to make sure they’re cared for as they age. A POA is extremely useful for day-to-day affairs as well as your family’s peace of mind.
When you create a POA, your parents gain the advantage of:
- Financial Protection: As parents age, they may struggle with carrying out day-to-day tasks, like paying their bills or navigating financial transactions. By establishing any type of POA, you can step in to help manage their bank accounts, investments, and other important financial matters without delay.
- Preventing Exploitation: Unfortunately, seniors are often the targets of financial fraud or coercion. Having a POA in place makes sure there is a trusted person to oversee their finances. With this type of monitor, you can reduce the risk of exploitation.
- Clarity in Emergencies: Life can be unpredictable. In the event that your parent is hospitalized or suddenly unable to communicate their wishes, an enduring POA ensures there is no legal grey area about who should handle their affairs. This is especially useful when it comes to time-sensitive matters, like making mortgage payments or paying medical bills.
- Reduced Stress and Uncertainty: Without a valid POA, legal complications can arise quickly. In these cases, court applications, like guardianship or trusteeship orders, may be necessary to manage your loved one’s affairs. Putting a POA in place can save time, lower legal costs, and reduce emotional stress for everyone involved.
Contact Our Edmonton Power of Attorney Lawyers Today
Caring for aging parents is a significant responsibility. Ensuring they have a solid legal framework behind them, including a power of attorney, can provide financial protection, reduce stress, and offer peace of mind. At Verhaeghe Law, our experienced Edmonton power of attorney lawyers are here to help you and your loved ones navigate this process.
If you’re ready to begin setting up a POA or have other estate planning questions, contact our team to schedule a consultation. We will work with you to find solutions tailored to your family’s needs. This allows you to focus on what matters most–spending quality time with your parents.
** Please note, this article is intended as a general overview on the subject of estate law, and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta estate lawyer.